Ethereum Price: $93M ETH Dumped, Will Key Support Hold?
Key Takeaways
Whale activity saw deposits of $93.66 million hitting exchanges, aligning with elevated futures activity and a bearish trend. With 92% of ETH wallets still showing profit, the critical question is whether the $3,458 support level will hold or break.
Ethereum (ETH) is under pressure as large holders moved 26,182 ETH, valued at $93.66 million, to exchanges, including Binance, Kraken, OKX, and Bybit, within just 48 hours.
Individual transfers ranged from 1,000 to 2,000 ETH, increasing supply on centralized platforms.
This influx occurred during a period of market volatility, prompting speculation on whether whales are anticipating further declines or simply taking profits.
Spot Market Shows Selling Pressure
Bearish sentiment appears to be gaining momentum.
Currently, the Spot Taker CVD indicates a seller-dominant trend, suggesting that sellers are more active than buyers on exchanges, supporting the whale transfer data.
CryptoQuant’s Futures Volume Bubble Map shows overheating signals, with excessive leverage around the $3,400–$3,500 range for ETH.
This over-leveraging, combined with increased selling, could become unstable if funding rates reset, potentially leading to liquidations and price drops below key technical levels.
Profitability Buffer and Capitulation Risk
Despite bearish signals, on-chain data indicates that 92.26% of Ethereum addresses are still "In The Money," while only 4.77% are at a loss.
Approximately 2.97% of holders are at breakeven.
This profitability provides a short-term buffer. However, holders near breakeven may react if ETH falls below the $3,458 support zone, a critical psychological level.
Critical Support Level
Ethereum has entered a key support range between $3,458 and $3,490, which previously acted as a strong reversal zone.
However, the MACD indicator on the daily chart has turned bearish, signaling weakening upward momentum.
This inconsistency between price support and fading momentum creates an unstable situation. Without strong buying volume, ETH may fail to hold this level. A break below this range could lead to a drop toward $2,906, making this support zone critical for short-term direction.
Erratic Whale Behavior
Ethereum’s large holder netflows have fluctuated significantly over the past week, with a 7-day increase of 8,294% contrasting with a 90-day drop of -2,854%.
This extreme volatility suggests rapid repositioning by whales, possibly to secure profits or react to macro uncertainty. The inconsistency adds complexity to ETH’s price action, especially with weakening technical momentum, indicating indecision among large investors.
If outflows continue alongside technical breakdowns, Ethereum could face further instability.
Conclusion
Ethereum is at a crossroads, facing selling pressure from whales and weakening technicals, while most holders remain profitable.
The support zone between $3,458 and $3,490 is crucial. A successful defense by bulls could lead to a recovery. However, sustained whale selling and high futures leverage could push the price downward. Traders should closely monitor these levels.
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