Since falling to $1,510, Ethereum has been trading within a narrow range. Over the past week, the altcoin has been hovering around the $1,600 level.
At the time of writing, Ethereum (ETH) It traded at $1,622, up 2.8% in the past 24 hours. Muted price action prompted some investors to reduce exposure, while others waited for a clearer trend.
Why did the Ethereum whale transfer $26 million?
Ethereum has barely moved over the past week, leaving whales who accumulated in May and June to suffer unrealized losses.
As the market continues to be weak, some investors have become more cautious. One example is Satofashi (Chun Wang), which raised 91,945 ETH worth $159.9 million during late May and June.
When Satofashi accumulated ETH, the asset was trading at around $2,100, with an average buy price of $1,749.
according to LoconchineThe whale later deposited 16,842 Ethereum worth $26.87 million.
A transfer to the stock exchange does not necessarily indicate an impending sale. The funds can also be used for collateral or to rotate capital.
If the property is sold, Pisces will realize a loss of about $2.66 million. However, most of the wallet’s ETH remained unchanged, indicating a repositioning rather than a complete exit.
The move coincided with broader exchange flows.
According to CryptoQuant, Exchange Netflow has remained positive over the past two days. At the time of writing, the Exchange Netflow price stood at 14,000, indicating that more ETH moved to exchanges than left.
Will ETH find stability?
Despite the ongoing market weakness, Ethereum continued to hold steady at the $1,600 level. It is worth noting that the reported transfer of whales had little immediate impact on prices.
Meanwhile, the MACD remained below zero but formed a bullish crossover, rising to -64.
An improving MACD indicates that the bearish momentum is continuing to ease. The BvB indicator also turned positive for two consecutive days after remaining negative for seven consecutive sessions.
Together, these indicators pointed to gradually improving momentum rather than a confirmed bullish reversal.
If this trend continues, Ethereum could extend its recovery towards the $1,777 level.
However, continued exchange flows, especially from large shareholders, could increase selling pressures and expose the $1,500 support level once again.
Final summary
- A $26.87 million whale transfer failed to cause an immediate weakness in the price of Ethereum.
- Improving momentum indicators contrast with rising exchange flows, leaving ETH at a key decision point.
