Since falling to $1,510, Ethereum has been trading within a narrow range. The altcoin has been hovering around $1,600 for the past week.
As of this writing, Ethereum ($ETH) rose 2.8% in the past 24 hours to trade at $1,622. Weak price movements prompted some investors to reduce their exposure, while others waited for a clearer trend.
Why did the Ethereum whale move $26 million?
Ethereum has barely moved over the past week, leaving the whales of May and June with unrealized losses.
Some investors have become more cautious as the market continues to slump. As an example, Satofashi (Chun Wang) earned 91,945. $ETH The equivalent of $159.9 million from late May to June.
When satfa accumulates $ETHassets traded for around $2,100, with an average purchase price of $1,749.
According to Lookonchain, the whale later deposited $16,842. $ETH Worth $26.87 million.
A transfer to an exchange does not necessarily indicate that a sale is imminent. Funds can also be used for collateral and capital turnover.
If the holdings were sold, Whale would incur a loss of approximately $2.66 million. However, most wallets are $ETH It remained indicative of a repositioning rather than a complete exit.
This move coincided with widespread currency inflows.
According to CryptoQuant, Exchange Netflow has remained positive for the past two days. At the time of writing, Exchange Netflow is at 14,000 and showing even more. $ETH Rather than leave the exchange, I moved to the exchange.
teeth $ETH But will stability be found?
Despite the continued market weakness, Ethereum continued to hold near $1,600. Notably, reported whale movements had little direct impact on prices.
Meanwhile, the MACD remained below zero but formed a bullish crossover and rose to -64.
The improvement in the MACD suggests that bearish momentum continues to ease. The BvB index was also negative for seven consecutive sessions, but turned positive for the second consecutive day.
Taken together, these indicators indicate that rather than confirming a bullish reversal, momentum is gradually improving.
If this trend continues, Ethereum could extend its recovery towards $1,777.
Still, sustained forex inflows, especially from large holders, could increase selling pressure and re-expose the $1,500 support.
Final summary
- The $26.87 million whale transfer failed to trigger an immediate drop in Ethereum price.
- The improvement in momentum indicators contrasts with the increase in foreign exchange inflows; $ETH At key decision points.
