Ethereum Whales Withdraw $122M ETH Amid Price Support Test

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

ETH-2.984%

JST-3.416%

ARKM-6.699%

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Whale Activity Notable: Three whale wallets withdrew over $122 million worth of ETH from FalconX and Kraken, indicating potential strategic accumulation during market weakness, despite one wallet facing an unrealized loss of $9.1 million from prior purchases.
Support Defense: Ethereum is being defended at the critical $1,610 support level, and if buyers can maintain this area, it may attempt a recovery phase, challenging resistance levels at $1,680 and $1,710.
Complex Market Sentiment: Although Ethereum recently failed to hold above $1,700, market participants are debating whether the whale activity signifies strategic accumulation during weakness or merely a repositioning move.
Fragile Technical Structure: Ethereum's technical position remains fragile as it broke below the bullish trendline near $1,700; if it can reclaim $1,710, analysts see potential for an advance towards $1,750, with further upside momentum targeting the $1,840 to $1,850 range.

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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 6 technical signals, shows that 2 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	964.358	1235.019	1480.178	1750.839	1995.998	2266.659	2511.818
Fibonacci	1235.019	1432.062	1553.796	1750.839	1947.882	2069.616	2266.659

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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