Ethereum’s attempted rebound faced rejection at $1,944 three days ago. The pullback resulted in ETH declining to $1,819 before experiencing a modest recovery. At this time, Ethereum was trading near $1,823, having experienced a decline of 3.6% over the past 24 hours. The decline attracted significant whale activity, yet sellers maintained dominance over the market. CryptoQuant’s Spot Average Order Size has documented substantial whale orders for a duration of seven consecutive days. However, the metric encompassed both purchasing and divesting activities. Consequently, it validated the involvement of significant market players while failing to delineate a definitive trajectory.
Lookonchain also reported that two newly created wallets withdrew 20,000 ETH from Coinbase Prime. The withdrawal amounted to $37.72 million and transpired in two transactions of 10,000 ETH each. According to the tracker, the associated whale had accumulated aggressively over the preceding three days. On July 16th, a significant market participant acquired 30,000 ETH, amounting to a value of $57.6 million. Its three-day accumulation reached 89,396 ETH, valued at approximately $164.88 million. Purchasing amid a downturn indicated that the whale anticipated higher prices. However, the activity of one entity could not affirm wider confidence.
Data indicated that Ethereum’s Spot Netflow has been in the negative territory for a duration of two consecutive days. At this juncture, Spot Netflow registered at -$23.6 million, in contrast to -$49 million the day prior. Consequently, net outflows persisted, albeit at a significantly reduced pace. Negative Spot Netflow indicated that more ETH exited exchanges than entered them. This trend is consistent with the documented withdrawals by large holders. Even so, Exchange Outflows alone could not establish that every withdrawal represented accumulation. Whales absorbed some selling pressure; however, Ethereum’s broader structure continued to exhibit weakness.
The Balance of Power declined from 0.93 to -0.61, entering negative territory. That reading suggested that sellers dominated short-term price movements, notwithstanding the demand from larger investors. Continued weakness could push Ethereum below $1,800 and toward $1,774. However, sustained buying could assist Ethereum in maintaining its position above $1,800 and potentially recovering to $1,928. A recovery above $1,928 could reopen the path toward $2,000.