Despite large whale sales of $2.5 billion, Ethereum has managed to maintain its price. Investors who made intense purchases between $2,344 and $2,421 have created strong support.

Currently, Ethereum is exhibiting sideways movement around $2,424, and if it can turn the resistance at the $2,476 level into support, a significant upward movement may begin.

This demand zone, covering approximately 65.83 million ETH, makes it difficult for the price to drop sharply below $2,344. However, if negative conditions persist in the overall market, this support may weaken.

Ethereum is signaling an exit from a three-week downtrend with sideways price movement this week. Despite whales selling, the price remains resilient, strengthening the upside potential.

Whales Have Started Selling, Price Showing Resistance

Large investors (whales) sold approximately 1.06 million ETH, worth $2.57 billion, from addresses holding between 1 and 10 million ETH in the last 48 hours. Such sales typically create pressure on the price and indicate a bear market. However, Ethereum's price did not decline despite this pressure, showcasing the market's resilience.

Strong Demand Zone in Ethereum

According to IOMAP data, there is a significant demand zone around Ethereum. Here, there are 65.83 million ETH purchased between $2,349 and $2,421, with a total value exceeding $159 billion. Since these investors generally do not want to sell at a loss, it seems difficult for the price to drop below this support zone.

This demand area helps protect Ethereum from sudden and sharp price drops and assists in keeping the price stable despite recent whale sales. A sharp drop below the $2,344 level would indicate a strong bear trend, but currently, this possibility is low.

Technical Overview and Possible Scenarios

Ethereum is currently trading around the critical $2,424 and is close to the $2,476 resistance. The price remaining sideways has signaled an exit from the three-week downtrend and lays the foundation for potential upward movement.

Consolidation may continue in the range of $2,344 to $2,476, or a strong rise may begin with a breakout of the $2,476 resistance. If Ethereum manages to turn this resistance into support, it is possible for the price to rise to $2,606. This could trigger new buyers to enter the market.

On the other hand, if market conditions worsen and bearish pressure increases, the price may dip below $2,344 and fall to $2,205. This scenario would invalidate current bullish expectations and signal a deeper decline.

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