Ethereum Whales Offload Almost $900M Worth of ETH: Is Another Crash Looming?

Ethereum continues to trade under severe pressure, despite a 5% recovery from its recent multi-year low around $1,500. Data from analyst Ali Martinez shows that large holders (whales) have offloaded approximately 550,000 ETH over the past week, injecting $880 million of sell-side supply into the market. This heavy selling contributed to Ethereum breaking below its immediate support at $1,633.

ETF investors also added to the selling pressure, offloading over $270 million of ETH during the week as the asset dipped toward $1,500 for the first time in over a year.

According to URPD data, the $1,583 level is a critical volume support. If ETH breaks below it, analysts warn of extended liquidations, with potential downside to a new cycle low between $1,237 and $1,089.

Another analyst, Ted Pillows, noted that ETH remains stuck between support at $1,500 and resistance at $1,700. A breakout above $1,700 would be bullish, while a decisive drop below $1,500 could lead to a new cycle low.

On the positive side, two major corporate holders—Bitmine and SharpLink—have been accumulating. Bitmine has consistently bought ETH through the bear market, while SharpLink made its first purchase in eight months on Friday, accumulating over $62 million worth of ETH in three days, including a recent buy of 29,196 ETH for $46.7 million.

Despite the accumulation, the overall sentiment remains cautious as whale and ETF selling pressures persist.

Source: https://cryptopotato.com/ethereum-whales-offload-almost-900m-worth-of-eth-is-another-crash-looming/