Since falling below $1,900, Ethereum has faced rising bearish pressure. The altcoin extended its decline to $1,800.
At press time, ETH traded around $1,843 after gaining 0.35% over 24 hours. It remained up 2% weekly.
With Ethereum struggling to maintain upward momentum, some whales appeared to be reducing their exposure.
Why did this whale sell 30K ETH?
Ethereum [ETH] whales showed signs of increased distribution amid prolonged market weakness.
Onchain Lens reported that one whale sold 30,000 ETH worth $55 million through Galaxy Digital’s over-the-counter desk. The wallet exchanged the ETH for USDC before depositing the funds into Coinbase.
The transaction indicated that this wallet exited its ETH position. However, one sale could not define wider market confidence.
Interestingly, this whale was not alone. Over the past week, 188 Ethereum whales shifted toward distribution, offloading 462,631 ETH.
By contrast, 167 whales moved toward accumulation and purchased 448,638 ETH, according to Swiss Whale Intelligence.
Therefore, distribution exceeded accumulation by 13,993 ETH, revealing a modest imbalance rather than aggressive whale capitulation.
Over 30 days, 661 Ethereum whales reportedly shifted toward selling. However, the dataset lacked a comparable accumulation figure.
That selling also appeared in exchange activity, as Exchange Netflow turned positive after remaining negative for three days.
Exchange Netflow reached 3,100 ETH at press time, indicating that inflows exceeded outflows. Higher exchange inflows could increase the supply available for immediate sale, adding pressure to ETH’s recovery.
Can ETH withstand whale pressure?
Ethereum struggled to maintain upward momentum as whale distribution increased.
Even so, technical indicators retained a bullish bias despite ETH’s weak price action. The Aroon Up stood at 78, above the Aroon Down reading of 28. This indicated that ETH had recorded a recent high more recently than its latest low.
The MACD also maintained an upward trajectory and reached 35, supporting the remaining bullish momentum.
Together, these indicators suggested that sellers had not secured complete control despite rising whale distribution. If selling intensifies, ETH could fall toward $1,700. However, absorbing that supply may help bulls reclaim $1,900.
Final Summary
- One whale sold 30,000 ETH worth $55 million through Galaxy Digital’s over-the-counter desk.
- Whale distribution narrowly exceeded accumulation, while technical indicators retained a bullish bias.