Ethereum News Today: Ethereum Holds $2,924 Support Amid $119M Whale Sell-Off

Ethereum has shown resilience despite a significant sell-off from a large whale address. As of the latest data, over 3 million ETH is held near the $2,924 level, a key support zone indicating strong investor confidence in this price range. According to the ETH Cost Basis Distribution Heatmap from Glassnode, the cryptocurrency remains above two critical support levels at $2,924 and $2,750, reinforcing the idea that Ethereum may find a solid floor for its price [1]. Analyst Ali Martinez highlighted the heatmap, pointing to the darkest bands as areas with the highest ETH concentration, which reflects strong historical buying interest [1].

However, whale activity has raised caution among investors. A major Ethereum whale, identified as address 0x3c9E, has been dumping ETH on centralized exchanges. On August 2, the address deposited 7,500 ETH, valued at approximately $25.58 million, into exchanges, marking the latest in a series of large sales over the past three days. In total, the whale has sold 33,682 ETH, amounting to nearly $119 million [2]. This significant sell-off has sparked concerns about potential downward pressure on Ethereum’s price, especially as the asset retraces from its July peak.

The ongoing whale activity contrasts with the technical indicators suggesting accumulation and consolidation in the ETH market. While the large transactions may signal short-term volatility, the strong support at $2,924 implies that buyer interest remains robust. Ethereum’s price has held strong at $3,548.65, showing a 2.62% increase in the past 24 hours [2].

Market sentiment has also been influenced by public figures. Eric Trump, in a post on X, encouraged investors to “buy the dips” for both Bitcoin and Ethereum. His remarks have fueled social media discussions, particularly as Ethereum continues to trade near key support zones. While Trump is not a financial expert, his comments reflect the growing mainstream interest in digital assets and may have contributed to a more bullish tone in the market [3].

In summary, Ethereum faces mixed signals in the current market environment. Whale selling adds uncertainty, but strong support levels and positive price action suggest that the asset is still being actively accumulated. Investors are closely watching for further developments, especially as major holders continue to move large volumes.

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[1] Ethereum Holds Strong at $2.9K Despite $119M Whale Sell-Off, https://coinmarketcap.com/community/articles/68907661995da309bf62e0c7/

[2] Whale 0x3c9E is dumping $ETH again!, https://twitter.com/lookonchain/status/131****839925844992

[3] Let me say it again: ⬇️Buy the dips!!! $BTC $ETH, https://twitter.com/EricTrump/status/131****356056854528