Ethereum’s [ETH] attempted rebound faced rejection at $1,944 three days ago. The pullback pushed ETH to $1,819 before it recovered slightly.
At press time, Ethereum traded near $1,823 after falling 3.6% over 24 hours. The decline attracted substantial whale activity, although sellers retained control of the market.
Are whales buying the ETH dip?
CryptoQuant’s Spot Average Order Size recorded large whale orders for seven consecutive days.
However, the metric captured both buying and selling activity. Therefore, it confirmed whale participation without establishing a clear direction.
Lookonchain also reported that two newly created wallets withdrew 20,000 ETH from Coinbase Prime. The withdrawal was worth $37.72 million and occurred in two batches of 10,000 ETH.
According to the tracker, the associated whale had accumulated aggressively during the previous three days.
On the 16th of July, the whale purchased 30,000 ETH, worth $57.6 million. Its three-day accumulation reached 89,396 ETH, valued at approximately $164.88 million.
Buying during a decline suggested that the whale expected stronger prices. However, one entity’s activity could not confirm broader confidence.
CoinGlass data showed that Ethereum’s Spot Netflow remained negative for two consecutive days.
At press time, Spot Netflow stood at -$23.6 million, compared with -$49 million the previous day. Therefore, net outflows continued but slowed considerably.
Negative Spot Netflow indicated that more ETH left exchanges than entered them. This trend aligned with the reported whale withdrawals. Even so, Exchange Outflows alone could not establish that every withdrawal represented accumulation.
Can whales defend $1.8K?
Whales absorbed some selling pressure, but Ethereum’s broader structure remained weak.
The Balance of Power fell from 0.93 to -0.61, shifting into negative territory. That reading indicated that sellers controlled short-term price action despite the whale demand.
Continued weakness could push Ethereum [ETH] below $1,800 and toward $1,774. However, sustained buying could help Ethereum defend $1,800 and reclaim $1,928. A recovery above $1,928 could reopen the path toward $2,000.
Final Summary
- A whale accumulated 89,396 ETH, worth $164.88 million, over three days.
- Ethereum remained vulnerable below $1,944 despite whale demand and continued Exchange Outflows.
