Ethereum News Today: Ethereum whales offload $93M in 48 hours as bearish signals intensify

Large Ethereum holders have sold over $93 million worth of ETH within 48 hours, with massive transactions being processed across major exchanges including Binance, Kraken, OKX, and Bybit [1]. The total volume of the sales amounted to 26,182 ETH, with each batch falling between 1,000 and 2,000 ETH. This mass offloading has introduced significant selling pressure on the market and has caused uncertainty among traders who are now questioning whether the move reflects profit-taking or an early bearish signal.

The timing of the whale activity aligns with bearish momentum indicators. The Spot Taker CVD shows that sellers have taken control over buyers, indicating a shift in market sentiment [1]. Additionally, the Futures Volume Bubble Map from CryptoQuant highlights that the $3,400–$3,500 range was nearing overheated territory, suggesting the presence of excessive leverage in futures positions. This could lead to increased volatility if funding rates reset or if market conditions turn bearish [1].

Despite the large-scale selling, on-chain data shows that approximately 92.26% of Ethereum wallets are still in a profitable position [1]. This suggests that many investors remain optimistic about a potential rebound in the near term. However, Ethereum is currently hovering around a key support level between $3,458 and $3,490. The MACD indicator has turned bearish, signaling diminishing buying momentum [1]. A breakdown below this range could push the price lower, potentially toward $3,150 or even $2,900, depending on the intensity of the selling pressure and the response from buyers.

Meanwhile, Ethereum ETFs have experienced a net inflow of $306.6 million, in contrast to Bitcoin’s net outflow of $927 million. This divergence points to a mixed picture of institutional interest, with some players accumulating ETH while others are divesting [1]. SharpLink Gaming has also been a notable buyer, increasing the complexity of market dynamics. These institutional flows could act as a buffer against short-term declines but remain subject to the overall sentiment and price behavior.

Large holder flows have been particularly volatile over the past week, with a dramatic 7,294% surge in activity following months of decline [1]. This erratic behavior points to uncertainty or strategic repositioning among the largest participants in the Ethereum ecosystem. If such activity continues alongside a breakdown in key support levels, further price instability could follow.

Ethereum now faces a critical juncture. The $3,458–$3,490 support range will be a key battleground for buyers and sellers. A strong defense of this level could allow Ethereum to stabilize and potentially rebound. However, if selling pressure persists and technical indicators continue to weaken, the asset may see further downside in the short term [1].

Source: [1] $93M in ETH sold! – Ethereum's next move hinges on THIS support (https://ambcrypto.com/93m-in-eth-sold-ethereums-next-move-hinges-on-this-support/)