According to the latest report from the blockchain analysis platform Arkham, an entity known as "7 Siblings" has transferred approximately $47 million worth of Ethereum (ETH) to a new wallet address. Subsequently, the entity quickly began a selling action, dumping about $17.2 million worth of ETH in just a few minutes.

This move is interpreted by market analysts as a possible combination strategy of high-level position swapping and liquidity testing, reflecting a typical method of phased suppression. At the same time, the intensity of short positions in the contract market is also increasing, which adds extra pressure to the market.

If the buying power in the market cannot keep up with the selling pressure in time, the ETH price may fall back to the support level near $4200. However, it is noteworthy that despite facing these challenges, there are still no obvious signs of large institutional buy orders retreating. This indicates that the market still maintains a delicate balance of "strong bearish sentiment and resilient bullishness."

In this situation, market participants are closely monitoring two key indicators: first, the changes in the rhythm of on-chain selling pressure, and second, the potential turning point of the funding rate. These indicators may provide important clues for the short-term price trend of ETH in the future.

Overall, although the current market is facing some selling pressure, the continued presence of bullish forces also provides some support for the market. Investors need to remain vigilant and closely monitor market trends to timely adjust their investment strategies.