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$93M in ETH sold! – Ethereum’s next move hinges on THIS support
Whales unload millions worth of ETH while futures overheat and support teeters near $3,458.
Ethereum [ETH] has witnessed a staggering $93.66 million worth of ETH being deposited to exchanges like Binance, Kraken, OKX, and Bybit within 48 hours. Each transfer ranged from 1,000 to 2,000 ETH, flooding centralized platforms with such immense liquidity. This sudden influx, accompanied by the overheated Ethereum derivatives market and bearish momentum, has sparked concerns about potential future losses.
Bearish momentum gains traction
The Spot Taker CVD has reflected a Taker Sell Dominant trend, indicating that market sellers have outweighed buyers on centralized platforms, aligning with the observed whale transfers. Concurrently, CryptoQuant’s Futures Volume Bubble Map showcases multiple overheating signals, suggesting excessive leverage building up around ETH’s $3,400-$3,500 zone.
The potential for a cascade of liquidations and drawdowns intensifies if prices waver below this key technical level. This precarious situation highlights the critical importance of holding the current support at $3,458.
92% of ETH wallets still in profit
Despite growing market volatility, an overwhelming 92.26% of Ethereum addresses remain “In The Money,” with only 4.77% of them experiencing losses. A further 2.97% hold their positions breakeven. This widespread profitability gives the asset a temporary reprieve from immediate capitulation risks.
However, this buffer is thin, and holders at break-even may turn reactive if ETH breaches below the $3,458 support zone, potentially leading to increased selling pressure.
Source: ambcrypto.com
