Ethereum (ETH) has been struggling to regain momentum in recent days, hovering around the $1,700 level but showing little sign of strength or investor confidence. Instead of a recovery, a massive wave of selling has emerged from Ethereum’s largest holders — the so-called whales — who offloaded more than $1.8 billion worth of ETH. What’s really happening on the market?
💰 Whales Cash Out – or Minimize Losses?
Over the past three days, wallets holding between 100,000 and 1 million ETH have sold approximately 1.19 million ETH, worth more than $1.8 billion. This large-scale move signals a shift in sentiment, as whales appear to be cashing out or minimizing potential losses amid Ethereum’s stalled recovery.
Despite a relatively stable price, ETH failed to break above the key resistance at $1,700. That failure seems to have sparked this mass sell-off, as top holders lose patience with the lack of bullish momentum.
📉 Bears Are Taking Over
One key metric confirms the weakening market: the MVRV Long/Short Difference, which has plunged to -29%. This indicates that long-term holders (LTH) are now underwater, while short-term holders (STH) are quickly taking profits and selling off. This behavior adds to market volatility and intensifies downward pressure on ETH.
📊 The number of short positions on Ethereum is rising rapidly, signaling a growing bearish sentiment. If no major positive catalyst appears soon, the selling pressure may only grow stronger.
📌 Key Price Levels to Watch
At the time of writing, Ethereum is trading at $1,570, holding just above a key support level of $1,533. If that support fails, ETH could drop to $1,429.
However, reclaiming the $1,625 level could indicate a renewed attempt to break above $1,700. If successful, Ethereum might push toward $1,745, invalidating the current bearish outlook and setting the stage for a possible recovery.
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