Ethereum Holds Steady Despite Heavy Selling Pressure
Ethereum (ETH) has continued to show remarkable stability even as significant selling pressures emerge from both whale distributions and ETF outflows. Over the past three days, a whale sold over 7,621 ETH valued at approximately $23.85 million, while U.S. ETH spot ETFs recorded daily net outflows of -$19.41 million. Despite this stacked supply influx, Ethereum’s price remains stable, hovering near its realized price level. What fuels this resilience?
Understanding the Supply and Demand Dynamics
Typically, such concentrated selling activity could trigger sharp declines, especially in a lean market environment where traders remain cautious. However, Ethereum’s market seems prepared for this scenario. Buyers have absorbed the supply influx, preventing bears from gaining momentum. Data from CoinGlass and CryptoQuant confirm that spot and futures flows lean negative over short periods, but ETH continues to leave exchanges on a net basis, suggesting accumulation rather than liquidation.
Realized Price Levels as Key Inflection Points
Ethers’ stability amidst intense selling traces back to its realized price—historically, a reliable marker of market sentiment. In previous cycles, Ethereum has seen strong upward movements after consolidation periods around its realized price. As ETH stabilizes near these levels again, it signals a potential transition from distribution to accumulation.
Technical indicators support this trend. Following a sell-off to $2,632, Ethereum has rebounded consistently with higher highs and higher lows. The RSI remains in the low 40s, signaling consolidation, while the MACD’s blue line edges closer to a bullish crossover. A clean bounce could keep the $3,600 level in play, while failure to hold $2,973 might push ETH lower toward the 50% Fibonacci retracement zone.
What’s Next for Ethereum?
Traders should closely monitor Ethereum’s price action around the realized price level. If buying activity continues to absorb supply, the market could transition into an accumulation phase, setting the stage for another upward rally. Conversely, a breakdown below $2,973 may indicate deeper corrections ahead, making sub-$2,600 support zones critical for reversal.
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