Despite significant selling pressure from major investors, Ether is poised for a breakout beyond $3,700. This comes as a large whale, who had been inactive for over eight years, began selling their Ether holdings on November 7, 2024, after accumulating $1.34 billion worth of the cryptocurrency. This initial sell-off has led to a total of 73,356 ETH sold, valued at $224.42 million, while the whale still retains about 325,533 ETH, worth approximately $1.1 billion. Surprisingly, Ether's price rose over 7.5% in the past week, reaching above $3,369. The ongoing bullish sentiment is fueled by the strong performance of Bitcoin, which surpassed $99,000 recently, contributing to optimistic market conditions. Additionally, an early Ethereum ICO participant, Interchain, has also been selling off Ether, with 3,000 ETH traded on November 22, further increasing the selling pressure. Yet, analysts remain hopeful for a rally towards the previous all-time high of $3,700, driven by bullish chart patterns like the emerging bull flag.

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