$93M in ETH sold! – Ethereum’s next move hinges on THIS support
Main Idea
Ethereum faces mixed signals as whales sell $93.66M worth of ETH, technical indicators weaken, but most holders remain profitable, with the $3,458-$3,490 support zone being critical for short-term price direction.
Key Points
1. Ethereum whales deposited 26,182 ETH ($93.66M) to exchanges like Binance and Kraken in 48 hours, causing panic and increasing sell-side pressure.
2. 92.26% of Ethereum addresses remain profitable, providing a short-term cushion, but breaching the $3,458 support could trigger reactive selling.
3. Technical indicators like the MACD show bearish signals, suggesting weakening upward momentum unless buyers step in with strong volume.
4. Large holder netflows have been highly volatile, with a 7-day increase of 8,294% and a 90-day drop of -2,854%, indicating erratic whale behavior.
5. The $3,458-$3,490 support range is crucial; holding it could lead to recovery, while a breakdown may push prices toward $2,906.
Description
Whales unload millions worth of ETH while futures overheat and support teeters near $3,458.
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