Ethereum Whales Move 500 Million ETH Off Exchanges in One Week
- Whale Accumulation Accelerates: According to analyst Ali Martinez, Ethereum whales have notably accelerated their accumulation, with approximately 500 million ETH withdrawn from exchanges in the past week, indicating that large investors may be shifting back into accumulation mode, thereby reducing short-term selling pressure in the market.
- Massive Outflows: Data shows that the outflows of around 500 million ETH over the past week represent a total value nearing 800 million dollars, and such high-volume outflows are often seen as a signal that the supply of assets available for sale in the market may be decreasing, potentially impacting future price movements positively.
- Muted Price Performance: While Ethereum has yet to display signs of a major rebound, it is currently trading at $1,676, registering a 0.45% gain in the past 24 hours, and the market's response to whale activity appears to be gradually optimistic, suggesting potential future price movements.
- Market Sentiment Revitalizing: Although current data stops short of confirming a decisive turnaround for Ethereum, the significant outflows witnessed in the past week have bolstered predictions that the asset could be gearing up for a fresh price move, with optimism rising among both retail and institutional investors.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1241.648 | 1373.664 | 1510.958 | 1642.974 | 1780.268 | 1912.284 | 2049.578 |
| Fibonacci | 1373.664 | 1476.54 | 1540.098 | 1642.974 | 1745.85 | 1809.408 | 1912.284 |
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