Ethereum (ETH)’s attempt at a rebound faced rejection at $1,944 three days ago. The pullback pushed ETH to $1,819 before it recovered slightly.
At press time, Ethereum was trading near $1,823 after falling 3.6% over 24 hours. This decline has attracted significant whale activity, although sellers maintain control of the market.
Are Whales Buying ETH Dip?
CryptoQuant’s average spot order volume has recorded large whale orders for seven consecutive days.
However, the measure captured buying and selling activity. Therefore, the participation of whales was confirmed without specifying a clear direction.
Lookonchain was also mentioned Two newly created wallets withdrew 20,000 ETH from Coinbase Prime. The withdrawal amounted to $37.72 million and was made in two payments of 10,000 Ethereum.
According to the tracker, the attached whale had accumulated strength over the previous three days.
On July 16, the whale bought 30,000 Ethereum, worth $57.6 million. Its three-day accumulation reached 89,396 ETH, worth approximately $164.88 million.
Buying during the dip indicates that Pisces is anticipating stronger prices. However, the activity of one entity cannot confirm trust more broadly.
CoinGlass data showed that Ethereum’s Spot Netflow remained negative for two days in a row.
At press time, Spot Netflow was valued at $23.6 million, compared to $49 million the previous day. Therefore, net outflows continued but slowed considerably.
Negative website Spot Netflow noted that more ETH left exchanges than entered them. This trend is consistent with reported whale recalls. However, external exchange flows alone could not prove that each withdrawal represented an accumulation.
Can the Whales defend $1.8k?
Whales absorbed some selling pressure, but the broader structure of Ethereum remained weak.
The balance of power decreased from 0.93 to -0.61, turning into negative territory. This reading indicated that sellers controlled the short-term price action despite the demand for whales.
Continued weakness can prompt Ethereum (ETH) Less than $1,800 and about $1,774. However, continued buying could help Ethereum defend the $1,800 level and reclaim $1,928. A recovery above $1,928 could reopen the path towards $2,000.
Final summary
- The whale collected 89,396 Ethereum, worth $164.88 million, over three days.
- Ethereum remained weak below $1,944 despite whale demand and continued exchange outflows.
