The post Ethereum whales dump 440K ETH, but THESE signs hint at a recovery appeared on BitcoinEthereumNews.com.

Whales have caused significant selling pressure, with Ethereum testing critical support levels. Active addresses and rising transaction counts suggest Ethereum may regain market momentum soon. Whales have sold over 440,000 Ethereum in the past week, causing a significant shift in the market. Recent reports showed that one wallet sold 8,074 ETH at an average price of $2,431, while another transferred 10,000 ETH worth $23.44 million to Binance in just two days.  Ethereum’s [ETH] price at press time stood at $2,354.64, marking a 5.46% drop over the last 24 hours. This large-scale panic selling has raised concerns, but some investors believe Ethereum may find support at the current levels.  In or out? Understanding the market sentiment Ethereum’s in/out-of-the-money data provides a valuable glimpse into market sentiment. At the time of writing, 43.5% of addresses were “in the money,” with most clustered between the $2,479.31 and $2,628.70 price levels. However, a substantial 36.82% of addresses fall “out of the money,” particularly those with ETH purchased between $2,479.31 and $3,024.48. This indicates a significant portion of investors are holding at a loss, which may increase selling pressure if the price continues to fall. Source: IntoTheBlock ETH price action: Is support holding? Ethereum has been on a downward trend, with its price hovering near critical support at $2,347.21. If this level fails to hold, ETH could drop to the next major support at $2,272.32. However, the price has recently bounced off the $2,347.21 zone, signaling that the support could still be intact. In the short term, ETH may face resistance at the $2,479.31 level. If it breaks above this price point, the market could potentially see a reversal. Source: TradingView Active addresses and transactions: Market participation Despite the price drop, Ethereum’s network activity remains consistent. Active addresses have increased by 1% in the past…

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Filed under: News - @ February 27, 2025 2:28 pm