Ethereum has faced increasing bearish pressure since dropping below $1,900. The altcoin extended its decline to $1,800.
At the time of writing, ETH was trading around $1,843 after gaining 0.35% in 24 hours. It remained up 2% weekly.
As Ethereum struggles to maintain its bullish momentum, some whales appear to be reducing their risks.
Why did this whale sell 30 thousand ETH?
Ethereum (ETH) Whales showed signs of increased dispersion due to prolonged market weakness.
In-Chain Lens reported A whale sold 30,000 ETH worth $55 million via Galaxy Digital’s over-the-counter desk. The wallet exchanged ETH for USDC before depositing the funds to Coinbase.
The transaction showed that this wallet exited its ETH position. But a single sell-off could not define broader market confidence.
Interestingly, this whale was not alone. Last week, 188 Ethereum whales turned to distribution, distributing 462,631 ETH.
In contrast, 167 whales turned to savings and purchased 448,638 ETH, according to Swiss Whale Intelligence.
The distribution therefore exceeded accumulation by 13,993 ETH, revealing a modest imbalance rather than aggressive whale capitulation.
It was reported that 661 Ethereum whales turned to selling within 30 days. However, there was no comparable accumulation figure in the data set.
This sell-off was also seen in foreign exchange activity, with Exchange Netflow turning positive after remaining negative for three days.
Exchange Netflow reached 3,100 ETH at the time of writing, indicating that inflows exceed outflows. Higher currency inflows could put pressure on ETH’s recovery by increasing the supply available for immediate sale.
Can ETH withstand whale pressure?
Ethereum has struggled to maintain bullish momentum as whale distribution increases.
Despite this, technical indicators remained bullish despite ETH’s weak price action. Aroon Up remained at 78, above Aroon Down’s reading of 28. This showed that ETH recently recorded a new high from its recent low.
The MACD also maintained its uptrend and reached 35, supporting the remaining bullish momentum.
These indicators show that despite increasing whale distribution, sellers are not able to maintain full control. If the selling intensifies, ETH could drop to $1,700. However, meeting this supply could help the bulls regain $1,900.
Final Summary
- A whale sold 30,000 ETH worth $55 million via Galaxy Digital’s over-the-counter desk.
- While whale distribution narrowly exceeded accumulation, technical indicators maintained an upward trend.
