In the past two weeks, Ethereum (t-131) has been fluctuating between $2.4K and $2.5K, unable to break out of last year's high of $2.8K, nor did it fall below the low of $2.1K, which is quite awkward 😅. t-135

t-23

Whales are quietly increasing their holdings, buying, buying, buying!

Although the ETH rally isn't obvious, the big players haven't been idle.

According to CryptoQuant data, in the past month, whales have bought a total of 1.49 million ETH, with holdings increasing by 3.72%. This move is not simple.

On July 1st, the whale buying was particularly fierce, with net purchases reaching 119,300 ETH, greatly exceeding the sales of 58,500 ETH.

What does this mean? Clearly, whales are actively positioning themselves before market fluctuations, preparing for a big move 🔥.

But on the other side, are institutions and retail investors retreating?

Interestingly, while whales are buying, others are selling.

For example, the Ethereum Foundation reportedly transfers 1,000 ETH to a Multisig wallet every day, having sold a total of 13,000 ETH, worth over $32 million 💸.

Retail investors haven't been idle either. According to CryptoQuant data, a large amount of Ethereum has flowed into exchanges, with Binance alone receiving 100,000 ETH in one day, worth up to $250 million.

As everyone knows, this usually means selling pressure is coming, and there is a risk of price decline in the short term.

Two forces are in a tug-of-war, is Ethereum caught in a dilemma?

This is awkward now, as whales and big holders are actively accumulating coins, supporting the market; while institutions and retail investors are busy cashing out profits and even retreating early. This 'tug-of-war' has put ETH's price in a state of hesitation, and no one dares to act rashly.

From a technical perspective, the RSI indicator for ETH hovers around 48.6, which is a relatively calm state. The market is also waiting for the next major news to emerge before choosing a direction.

What's the next step? Let's see who between the buyers and sellers can hold out longer!

If buyers continue to increase their positions and sellers gradually slow down, ETH is expected to break through $2.548K and even challenge the $2.7K mark 🚀.

But if the selling pressure intensifies and buying fails to keep up, the price might break through support, plummeting to $2.372K or even lower 😰.

Summary | The short-term story of Ethereum is——

Whales are quietly buying, retail investors are quietly selling, and the market is hesitant. Whoever can withstand this tug-of-war will control the next wave of the market.

Ultimately, we still need to keep a close eye on the movements of large holders and the flow of funds, as the next opportunity may be hiding in this fluctuation 🔥.

✍️ DYOR, manage your risk well, and may everyone sail smoothly in the crypto world! 🌊

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