Ethereum ($ETH) Rebound attempt was rejected 3 days ago for $1,944. pullback pressed $ETH It rose to $1,819 before recovering slightly.
At the time of writing, Ethereum was trading around $1,823 after falling 3.6% in 24 hours. The decline led to a significant increase in whale activity, even though sellers maintained market dominance.
Are whales buying? $ETH Soaking?
CryptoQuant’s spot average order size recorded a high volume of whale orders for the seventh day in a row.
However, this indicator records both buying and selling activity. Therefore, we confirmed the participation of whales without establishing a clear direction.
Lookonchain also reported that $20,000 was withdrawn from two newly created wallets. $ETH From Coinbase Prime. The withdrawals were worth $37.72 million and were made in two installments of 10,000 people each. $ETH.
Trackers say the number of whales involved has accumulated rapidly over the past three days.
On July 16, Whale purchased 30,000 pieces. $ETHworth $57.6 million. Total for 3 days reached 89,396 $ETHworth approximately $164.88 million.
Buying on the decline suggested that whales were expecting prices to rise. But one company’s activities failed to support broader trust.
CoinGlass data showed that Ethereum spot net flows remained negative for the second day in a row.
At press time, Spot Netflow was -$23.6 million, compared to -$49 million the previous day. Therefore, net outflows continued, but slowed significantly.
Negative spot net flows are more $ETH I left the exchange rather than joining it. This trend is consistent with reported whale withdrawals. Still, exchange outflows alone could not prove that all withdrawals represented accumulation.
Will the whale be able to protect $1.8 million?
Although the whales absorbed some selling pressure, Ethereum’s broader structure remained weak.
The power balance decreased from 0.93 to -0.61, moving into negative territory. This number showed that despite whale demand, sellers were controlling short-term price fluctuations.
Continued weakness could push Ethereum lower ($ETH) From less than $1,800 towards $1,774. However, continued purchases could help Ethereum defend $1,800 and regain $1,928. A recovery above $1,928 could reopen the path to $2,000.
Final summary
- 89,396 whales gathered $ETHworth $164.88 million in three days.
- Despite whale demand and continued currency outflows, Ethereum remained vulnerable below $1,944.
