TLDR
Ethereum whales demonstrated strong accumulation with buy volume reaching $9.41M versus $6.17M in sell volume over 24 hours, while net inflows hit 88.89K ETH over seven days
ETH’s volatility has stabilized at 15.47% after peaking at 81.61%, suggesting potential market bottom formation
Price recently declined below $2,350 support level, with current trading activity showing bearish signs and consolidation around $2,220
Technical indicators point to increased selling pressure, with key support levels at $2,120 and major resistance at $2,260
Historical data shows ETH capable of strong recoveries, with previous rally seeing 157.49% surge from late 2023 to early 2024
Recent market data reveals a complex picture for Ethereum as whale investors show strong buying activity despite ongoing price pressure in the broader market. Trading data from decentralized exchanges shows major ETH holders maintained steady accumulation even as prices faced resistance.
Over the past 24 hours, whale buying volume on decentralized exchanges reached $9.41 million, substantially exceeding selling volume of $6.17 million. This disparity points to continued confidence among larger investors during a period of market uncertainty.
The six-hour timeframe reinforced this trend, with whales maintaining buying volume at $1.73 million compared to selling volume of $1.60 million. Smart Money traders and Small DEX Traders also showed modest buying activity, though with narrower margins between buy and sell volumes.
Net inflow data provides additional context to whale behavior. While 24-hour figures showed an outflow of 6.53K ETH, the seven-day period registered strong net inflows of 88.89K ETH. The 30-day measurement remained positive at 47.35K ETH, suggesting sustained accumulation by institutional and large holders.
Price action tells a different story in the immediate term. ETH recently dropped below several key support levels, including $2,350 and $2,320, establishing new local lows around $2,123. Current trading shows consolidation below the 100-hour Simple Moving Average.
Technical Analysis
Technical analysis reveals a bearish trend line with resistance near $2,260. The price faces immediate hurdles around $2,220, with major resistance forming at $2,350. Support levels have emerged at $2,120 and $2,050, with deeper support possible at $2,000 if current levels fail to hold.
Market volatility data adds another dimension to the analysis. After reaching 81.61% on February 25, volatility has decreased to 15.47% over the past 15 hours. This stabilization mirrors patterns seen before previous recovery phases.
Historical context proves relevant when examining current market conditions. The previous rally from late 2023 to early 2024 saw ETH surge by 157.49%. Present price patterns show similarities to that bottoming structure, particularly in relation to key moving averages.
Looking at smaller market participants, Smart Money traders recorded 24-hour buying volume of $1.77 million against selling volume of $1.96 million. Small DEX Traders showed more decisive buying activity with $3.21 million in purchases versus $2.23 million in sales.
The MACD indicator currently shows momentum in bearish territory, while the RSI remains below the 50 zone. These technical signals align with recent price action showing increased selling pressure.
Exchange flow data reveals complex dynamics between different trader categories. While whales maintain steady accumulation, shorter-term traders display more varied behavior, creating mixed signals in market momentum.
Short-term price action remains under pressure, with ETH trading below several technical indicators. The 23.6% Fibonacci retracement level of the recent downward move from $2,520 to $2,123 acts as immediate resistance.
Current market structure suggests consolidation, with prices testing both support and resistance levels repeatedly. The $2,350 zone represents a key threshold for potential trend reversal.
Recent developments show the Ethereum network maintaining steady fundamentals despite price volatility. Network usage metrics remain stable through market fluctuations.
The most recent data shows ETH trading activity concentrated around the $2,220 price level, with technical indicators suggesting continued short-term pressure despite whale accumulation.
