Ethereum (ETH)’s recovery attempt was rejected three days ago at $1,944. The pullback pushed ETH to $1,819 before recovering slightly.
At the time of writing, Ethereum was trading around $1,823 after falling 3.6% in 24 hours. Although sellers remained in control of the market, the decline brought significant whale activity.
Are whales buying the ETH dip?
CryptoQuant’s Spot Average Order Size recorded massive whale orders for seven consecutive days.
However, the metric captured both buying and selling activity. Therefore, he confirmed the whale participation without setting a clear direction.
Lookonchain also reported He said the two newly created wallets withdrew 20,000 ETH from Coinbase Prime. The withdrawal was worth $37.72 million and occurred in two batches of 10,000 ETH.
According to the tracker, the whale involved had been swarming aggressively over the past three days.
Whale purchased 30,000 ETH worth $57.6 million on July 16. His three-day accumulation reached 89,396 ETH, worth approximately $164.88 million.
Buying during the decline showed that the whale was expecting stronger prices. But one organization’s activity failed to confirm broader trust.
CoinGlass data showed that Ethereum’s Spot Netflow remained negative for two consecutive days.
At the time of writing, Spot Netflow was at -$23.6 million compared to -$49 million the previous day. Therefore, net outflows continued but slowed significantly.
Negative Spot Netflow showed that more ETH was leaving exchanges than entering them. This trend was consistent with reported whale retreats. Even so, Stock Market Outflows alone cannot reveal that every withdrawal represents accumulation.
Can the Whales defend $1.8K?
Whales absorbed some selling pressure, but Ethereum’s overall structure remained weak.
The Balance of Power shifted into negative territory, falling from 0.93 to -0.61. This reading showed that despite whale demand, sellers are controlling short-term price movements.
Continued weakness can put pressure Ethereum (ETH) Below $1,800 and towards $1,774. However, sustainable buying could help Ethereum maintain $1,800 and reclaim $1,928. A recovery above $1,928 could reopen the path towards $2,000.
Final Summary
- One whale accumulated 89,396 ETH worth $164.88 million in three days.
- Ethereum remained vulnerable below $1,944 despite whale demand and ongoing Stock Market Exits.
