Ethereum Price Overview
Ethereum (ETH) trades near $3,410 on Wednesday. A major whale has added $1.38 billion in ETH over the last 10 days. Holders with 10,000 to 100,000 ETH also increased their total by 180,000 ETH in the past week. ETH is currently facing resistance at the 200-day exponential moving average (EMA).
Whales Continue to Accumulate Ethereum
Data from Arkham Intelligence shows a large Ethereum whale has bought $1.38 billion worth of ETH recently. The whale added $105 million more and borrowed $270 million from Aave to expand its holdings. The whale holds 228,390 ETH on loan (about $818.6 million) and 157,320 ETH in direct holdings (about $563.8 million).
Other platforms also report similar buying among large holders. According to CryptoQuant, whales holding 10K-100K ETH added 180,000 ETH last week. Their total balance reached 22.34 million ETH. Their average cost is around $2,950, slightly below $3,000. Usually, if prices fall below their cost, selling pressure increases.
Meanwhile, US Ethereum ETFs saw net outflows of $107.1 million on Tuesday. Bitcoin ETFs attracted $523.9 million in inflows, the largest since October 7. This suggests some institutional investors may be shifting towards Bitcoin.
Ethereum Price Outlook
In the past 24 hours, $153.1 million worth of liquidations happened in ETH trades, mainly long positions totaling $122.8 million, according to Coinglass. ETH was rejected at the 200-day EMA near $3,660 and dropped below the key $3,470 level. If ETH fails to regain $3,470, it could fall to $3,100. A drop below $3,100 may lead to $2,850 support.
On the upside, breaking above $3,660 faces resistance from a descending trendline and the 50-day and 100-day EMAs. The Relative Strength Index and Stochastic Oscillator are below neutral, showing bearish momentum. A move above neutral levels would indicate a shift to bullish momentum.
