Ethereum extended its month-long bearish trend, trading around $2,266 amid intense market pressure. Major entities, including Trend Research and Garrett Jin, deposited over 316,000 ETH worth approximately $738 million on Binance to sell for loan repayment, creating significant selling pressure. Counteracting this, Ethereum treasury Bitmine purchased $46 million worth of ETH, acting as a potential support buffer against further declines.
Ethereum has faced a sustained downward spiral, breaching the $3,000 support level one week ago and touching a low of $2,100. At the time of reporting, ETH traded at $2,266, extending its bearish trend.
Amid the prolonged decline, whale borrowers have moved to deleverage their positions. According to Lookonchain, Trend Research and Garrett Jin deposited a combined 316,185 ETH onto Binance for sale, valued at roughly $738 million.
This activity contributed to a surge in sell-side pressure across the market. Ethereum’s Exchange Supply Ratio reached a weekly high of 0.138, indicating increased supply-side activity.
Onchain Lens separately reported that a Bitcoin OG also deposited 15,000 ETH worth $33.35 million into Binance to sell and repay a loan. Such forced deleveraging typically creates additional selling pressure, accelerating downside risk.
In a contrasting move, Bitmine has positioned itself as a significant buyer. Lookonchain data shows the entity purchased 20,000 ETH worth approximately $46 million, accumulating at lower prices.
The altcoin’s price fell below its Parabolic SAR and Fibonacci Bollinger Bands, signaling strong downward momentum. These technical indicators suggest the dominant bearish trend could continue if selling pressure persists.
