ETH Flow Analysis: Buterin's Sales End, But Volume Tells a Different Story

The predictable selling pressure from Ethereum's co-founder has officially ended. Vitalik Buterin concluded his pre-announced disposals, having sold a total of 19,326 ETH. The program, which began with a public announcement, was executed in smaller batches to mitigate market impact, removing a clear overhang from the asset.

This relief arrives as the broader market remains under significant pressure. The price currently sits at $1,983.85, down sharply from its highs. The 30-day trend shows a steep decline of 33.99%, highlighting the deep bearish momentum that persists even after Buterin's sales have stopped.

Yet the long-term supply risk is not gone. Buterin still holds over 224,000 ETH in his wallet, a substantial reserve that represents a potential future supply overhang. While the immediate, scheduled selling is complete, this large remaining position means the market's focus must now shift entirely to fundamental drivers and technical developments, with the co-founder's holdings remaining a watchable variable.

Volume and Price Action Tell the Real Story

The immediate relief from Buterin's sales is being overwhelmed by broader market dynamics. The 24-hour trading volume stands at $11.38 billion, a massive figure that signals intense activity. This high volume, however, is not driven by a single large seller but by a market in active, often aggressive, trading. It reflects the ongoing battle between buyers and sellers, with the recent price action showing clear selling pressure.

Technically, the setup is bearish. The consensus technical rating is a hold strong sell, with the prevailing trend showing a sell signal over both the past week and the past month. This confirms that the price is in a sustained downtrend, and the recent sharp decline of 33.99% over 30 days is the continuation of that pattern. The market's momentum is decisively to the downside.

Key technical levels are now critical. The price is currently testing a major support zone around $1,913. A break below this level would signal a loss of that support and likely accelerate the downward move. Resistance remains capped near $2,032. Until the price can decisively break above that resistance, the path of least resistance remains lower, keeping the risk of further declines elevated.

Catalysts and Risks: What to Watch

The immediate technical battleground is defined by two critical levels. The price must first reclaim the key resistance at $2,072.50 to signal any meaningful reversal. Failure to do so will likely see the downtrend resume, with the next major support zone around $1,800 now in play. A break below that psychological level would confirm a loss of technical control and accelerate the bearish momentum.

The nature of the current high volume is the central flow question. The $11.38 billion daily trading figure indicates intense activity, but it is unclear if this is driven by institutional accumulation or retail panic selling. Monitoring order flow and exchange data will be essential to discern whether the volume represents smart money building positions or weak hands capitulating. This distinction will determine if the current price action is a buying opportunity or the start of a deeper decline.

For a major bullish re-rating, the market faces a monumental task. The all-time high of $4,955.30 represents a move of over 150% from current levels. That path requires a complete shift in sentiment and a sustained inflow of capital to overcome the existing bearish structure and technical resistance. Until the price decisively breaks above the $2,072 resistance, that distant target remains a distant theoretical possibility.