"Whales Accumulate ETH Despite Price Drop; Network Fundamentals Steady"

Ethereum (ETH) has witnessed significant buying activity from whales, with a total of $9.41 million in buy volume over the past 24 hours, outpacing the $6.17 million in sell volume. This trend indicates strong accumulation by larger investors, despite the ongoing price pressure in the broader market. Over the past seven days, net inflows of 88.89K ETH have been recorded, suggesting sustained interest from institutional and large holders.

However, the price action tells a different story in the immediate term. ETH has recently dropped below several key support levels, including $2,350 and $2,320, establishing new local lows around $2,123. Current trading shows consolidation below the 100-hour Simple Moving Average, with bearish signs and increased selling pressure. Technical indicators point to key support levels at $2,120 and major resistance at $2,260.

Market volatility has stabilized at 15.47% after peaking at 81.61%, suggesting potential market bottom formation. Historical data shows ETH capable of strong recoveries, with a previous rally seeing a 157.49% surge from late 2023 to early 2024. Despite the recent price decline, the Ethereum network has maintained steady fundamentals, with network usage metrics remaining stable through market fluctuations.

The recent market data reveals a complex picture for Ethereum, with whale investors showing strong buying activity despite ongoing price pressure in the broader market. Trading data from decentralized exchanges shows major ETH holders maintained steady accumulation even as prices faced resistance. The six-hour timeframe reinforced this trend, with whales maintaining buying volume at $1.73 million compared to selling volume of $1.60 million. Smart Money traders and Small DEX Traders also showed modest buying activity, though with narrower margins between buy and sell volumes.

Price action tells a different story in the immediate term. ETH recently dropped below several key support levels, including $2,350 and $2,320, establishing new local lows around $2,123. Current trading shows consolidation below the 100-hour Simple Moving Average, with bearish signs and increased selling pressure. Technical indicators point to key support levels at $2,120 and major resistance at $2