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ETH Ethereum has fallen under pressure, and the giant whale has invested US$165 million in three days to raise funds.
Ethereum has fluctuated again recently, falling 3.6% in the past 24 hours, and is currently trading around US$1823. The cryptocurrency had previously soared to $1944, but fell back after encountering resistance and then rebounded to its current level.
Giant whale increases its ETH purchases
The latest blockchain data shows that despite the weak short-term price trend, Giant whale is still hoarding a large amount of goods. Analytics platform Lookonchain reported that two new wallets recently extracted 20000 ETH worth US$37.72 million from Coinbase Prime in two large transactions. The wallets are believed to belong to the same entity, which also purchased 30000 ETH units worth $57.6 million on July 16. This brings the whale's total holdings in the past three days to 89396 ETH, currently worth approximately US$164.88 million.
CryptoQuant's spot average order volume indicator shows that large orders related to giant whales have continued to appear for seven consecutive days. This indicator also reflects buying and selling behavior, indicating that market activity has increased, but the direction is not yet clear.
Analyst firm CoinGlass records show that Ethereum's net spot traffic was negative for the second consecutive day, with a net outflow of US$23.6 million that day, although it slowed down from the previous day's outflow of US$49 million. The change suggests that investors are still moving assets from exchanges, but at a slower pace.
(Data Summary) Net spot traffic of Ethereum: the day before yesterday-US$49 million, and the day-US$23.6 million.
ETF capital inflows and online activities diverge
The U.S. -listed Ethereum Spot Exchange Traded Fund (ETF) had net inflows of approximately $68 million between Monday and Thursday. At the same time, exchange reserves have dropped by 253,000 ETH since July 5, indicating that some investors have shifted assets to self-custodial wallets.
Despite institutional capital inflows, the Coinbase Premium Index, which measures U.S. institutional demand, remains in negative territory. The number of active Ethereum network addresses dropped to an average of 397,000 on the 14th, the lowest level since December last year. In contrast, daily transaction volume reached a record high of 2.65 million, highlighting the divergence between declining user engagement and increased utility on the chain.
The number of pledged ETH reached 40.93 million, setting a record high. About 4.9 million ETH have been pledged by BitMine Immersion, a money management company active in the institutional pledge business, since December last year. BitMine Immersion is an institutional client money management company focusing on large-scale Ethereum pledge and digital asset strategies.
Technical aspects and analyst views
Technical signals are still mixed. The Balance of Power dropped sharply from 0.93 to-0.61, indicating that sellers have recently grasped price momentum. However, Ethereum remains above its 20-day exponential moving average ($1791) and 50-day exponential moving average ($1812). Recent resistance is at $1909, followed by $1942 and $2018; support is at $1806,$1741 and $1524.
Well-known cryptocurrency trader Michaël van de Poppe said on the X platform that Ethereum may soon exceed US$2000, pointing out that an upward trend is taking shape and there is continued support around US$1780. He set a price target in the $2200 to $2400 range and believes the market structure remains clear to traders. Ethereum maintains a new upward trend and transforms the early resistance level into support level. As long as the core support level does not fall, it is increasingly likely to exceed US$2000.
In the past 24 hours, traders have experienced clearing of US$91.4 million of long positions in Ethereum, of which US$61 million was related to long positions.
