Ethereum’s price slid below a key technical level amid broader market volatility, with a significant whale moving over $128 million worth of ETH to an exchange. Data indicates sustained selling pressure from U.S. investors, contrasting with consistent spot market accumulation at the $2,100 level. Technical indicators currently suggest a ranging market, leaving critical support at risk if bearish sentiment persists.
The broader cryptocurrency market retraced amid increased volatility in global financial markets. Ethereum specifically experienced heightened volatility, dropping from $2,171 to a low of $2,087 and trading at $2,100 at the time of reporting.
This price slip caused the altcoin to fall below its 50-day Exponential Moving Average, suggesting a flip to a bearish short- to mid-term trend. The failure to sustain its prior upward trajectory led some investors, particularly whales, to capitulate.
Arkham data revealed one whale deposited 60,001 ETH, worth approximately $128.8 million, into Coinbase. This movement created potential for additional selling pressure on the already struggling market.
The whale activity reflected broader sentiment, as CryptoQuant data showed the Coinbase Premium Gap was negative for 16 of the last 30 days. This indicated U.S. investors were predominantly bearish and selling during this period.
However, other data from CryptoQuant showed consistent whale orders on the spot market over the past month. This suggested accumulation was occurring around the $2,100 price level despite the sell-side pressure.
Technical analysis of the Average Directional Index and Directional Movement Indicators showed weak upside momentum. The ADX and ADXR remained low, pointing to a ranging market condition.
Based on these conflicting indicators, ETH appeared poised to remain range-bound between $2,100 and $2,300. A breakdown below this range could see the price drop toward $1,980 if demand from other market participants dwindles.
