Blockchain analytics firm LookOnChain revealed significant Ethereum (ETH) sell-offs by large holders. Over the past 24 hours, three wallets, likely controlled by the same whale, offloaded 10,070 ETH for $33 million in DAI. The transaction occurred at $3,280 per ETH, resulting in a $1 million loss. According to LookOnChain monitoring, the whale made a substantial withdrawal of 24,029 ETH, worth $81.3 million, from Binance three weeks ago. Whales are dumping $ETH at a loss! 9 hours ago, 3 wallets(likely belonging to the same whale) sold 10,070 $ETH for 33M $DAI at $3,280, losing $1M. This whale withdrew 24,029 $ETH ($81.3m) from #Binance via 10 new wallets 3 weeks ago and currently holds 13,959 $ETH ($45.48M).… pic.twitter.com/5lqFegRu3i — Lookonchain (@lookonchain) January 13, 2025 They now reportedly hold 13,959 ETH, valued at $44.29 million, across multiple wallets at current values. At press time, Ethereum is changing hands at $3,170.06, per CoinGecko data . Ethereum price struggles push selling pressure upwards The second-largest cryptocurrency by market capitalization is facing selling pressure from investors owing to weeks of downward price trends. ETH/USD dropped more than 10% last week after failing to break above the $3,730 resistance level. In the last 24 hours, the price has declined over 2.5%, currently hovering around the $3,200 support zone. This region appears critical as bears exert control, limiting the potential for a bullish reversal. On-chain metrics from IntoTheBlock revealed a 791% spike in net exchange inflows, totaling $338 million in the past 24 hours. This suggests an increase in ETH being sent to exchanges, likely for selling. Large transactions valued above $100,000 surged by over 70%, indicating heightened activity among whales. The Moving Average Convergence Divergence (MACD) indicator issued a “Sell” signal, while the Relative Strength Index (RSI) remains in the neutral zone. Investors could be at a point of uncertainty on whether to buy or sell, but IBD data shows the current market sentiment is leaning toward the bearish scale. Technical analysis highlights key price movement levels Ethereum has struggled to recover after repeated rejections at the $4,000 resistance level. Recent declines brought the price near the 100-day moving average (MA) at $3,100, a critical support level. Analysts suggest that this dynamic support could mitigate further downward momentum if sufficient buying interest materializes. Currently, ETH is consolidating between $3,100 and $3,500, forming a tight trading range. A breakout in either direction is expected to define the mid-term trend. While the support at $3,100 remains crucial, resistance at $3,500 continues to cap upward movement. Investtech analysts highlighted that Ethereum has broken below its rising trend channel, signaling a weaker medium-to-long-term trajectory. The breach of the $3,300 support level has triggered a negative signal, with resistance now forming at the same level. Ethereum support and resistance indicators. Source: Investtech Additionally, per the insight, volume patterns remain unfavorable as volume balance trends negatively, further weakening ETH’s position. Positive RSI divergence against the price offers a glimmer of hope, suggesting a potential upward reaction. However, the overall technical assessment remains bearish for the medium term. Kittiampon Somboonsod from Trading Lounge provided additional analysis , suggesting that ETH is nearing the completion of Wave II in an ABC correction pattern. Ethereum technical analysis chart. Source: Trading Lounge According to Somboonsod, Wave C’s downside target aligns with the 0.618 Fibonacci retracement level at $2,891.52. A rebound from this zone could mark the beginning of Wave III, initiating a new upward trend. Maintaining levels above $2,891 is crucial to preserving the Elliott Wave structure, while a rally beyond $3,600 would confirm the correction’s conclusion. Bears take hold of Ethereum funding rates Market sentiment has turned increasingly bearish, as evidenced by a decline in funding rates. This metric, which indicates the cost of holding long positions, has dropped significantly amid the recent market correction. Ethereum funding rates chart. Source: CoinAlyze However, upon reaching the $3,000 support zone, the rates showed signs of recovery, signaling renewed buying interest. A continued recovery in funding rates could indicate sustained demand, potentially paving the way for a bullish rebound. Conversely, a reversal in this metric might reinforce bearish sentiment, risking further price declines. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
