Ethereum News Today: Whales Sell, Sentiment Fades—Cardano's $0.82 Support Tests Resolve

Cardano (ADA) price sentiment has reached a five-month low, as indicated by on-chain analytics, despite a recent 5% rebound from late-August lows. The shift in retail sentiment has been highlighted by Santiment, a key on-chain analytics firm, which noted that the typically optimistic ADA community has turned bearish. This trend aligns with classic contrarian indicators, where price movements often diverge from crowd sentiment. Santiment’s analysis revealed three distinct market phases over the past month, including a recent fear-driven phase where the bullish-to-bearish social commentary ratio dropped to 1.5:1, coinciding with ADA’s modest price recovery [2]. The firm emphasized that bearish sentiment among small traders often signals accumulation opportunities for larger stakeholders.

Simultaneously, ADA has been consolidating within a defined technical structure. According to market analyst Quantum Ascend, ADA has been respecting a broad ascending channel since early June, with a smaller corrective channel forming since August 14. The current price of approximately $0.8177 sits near the 0.382 Fibonacci retracement level, acting as a key decision point. If ADA breaks below this level, deeper support areas are identified at $0.762 and $0.702. On the upside, key Fibonacci levels include $0.879, $1.043, $1.083, and $1.326, which align with previous supply pockets and the upper boundary of the ascending channel [2]. These levels may serve as crucial indicators for both short-term and long-term price direction.

Large whale activity on Cardano has added to the short-term uncertainty. In a 48-hour period, whale addresses offloaded approximately 50 million ADA, equivalent to around $41 million, based on current prices. Analyst Ali Martinez observed a decline in holdings for addresses containing between 1 million and 10 million ADA, suggesting that some large holders are reducing exposure amid the market’s sluggish phase. Despite this selling pressure, ADA has shown resilience by holding above $0.80, reinforcing the significance of the $0.82 support level [3]. These movements indicate that while the immediate outlook may remain volatile, ADA’s fundamentals continue to defend critical price thresholds.

The broader crypto market has also seen significant whale activity, particularly on Ethereum, where over 95,000 ETH—valued at more than $400 million—was moved across major addresses within a 24-hour period. These movements, including large deposits and withdrawals by institutional and mining entities, reflect shifting liquidity and uncertainty in Ethereum’s short-term direction [3]. For Cardano, the increased whale selling could result in short-term price pressure but may also create opportunities for patient traders willing to capitalize on dips.

Despite the bearish sentiment and whale movements, Cardano’s overall market positioning remains stable. The recent audit of the ADA Voucher Program, conducted by legal firm McDermott, Will & Schulte and accounting firm BDO, confirmed the program’s integrity and found no evidence of misconduct. The report highlighted that nearly all vouchers were redeemed successfully and refuted allegations of manipulation and fraud [1]. This outcome reinforces institutional confidence in Cardano’s governance and transparency, offering a counterbalance to current market pessimism.

Source:

[1] Cardano Voucher Audit Results (https://cryptobriefing.com/cardano-voucher-audit-results/)

[2] Cardano Sentiment Crashes To 5-Month Low As ADA (https://www.mitrade.com/insights/news/live-news/article-3-1096228-20250904)

[3] Massive Whale Transfers Hit Cardano and Ethereum Amid Market Slowdown (https://captainaltcoin.com/massive-whale-transfers-hit-cardano-and-ethereum-amid-market-slowdown/)