28,500 Ethereum sold – Is ETH’s key support now at risk?
Amidst volatile market conditions, Ethereum (ETH) faced significant selling pressure as large holders, or whales, aggressively reduced their positions. Over 28,500 ETH, worth approximately $83.5 million, was sold within a short period, including a single wallet selling 14,585 ETH. Despite this substantial distribution, ETH's price consolidated near $2,957, managing to hold above a key ascending support level around $2,882. This suggested the market absorbed the supply without a breakdown, though downside risks persisted.
Technical indicators showed fragility, with the RSI at 36.76 reflecting weakened demand. Liquidity clusters above $3,000 could attract price movement if selling pressure eases. However, a break below the $2,882 support could expose ETH to further declines toward the $2,607 zone. For a decisive bullish shift, reclaiming the $3,462–$3,600 resistance area is crucial. Traders are closely monitoring the $2,882 level and RSI for near-term direction.
ambcrypto12/17 07:42
