Ethereum whales' recent actions have captured attention in the crypto market as they offloaded a significant amount of ETH worth a quarter-billion dollars in the last 24 hours.

Whales Sold 107,000 ETH

According to the analytics firm CryptoQuant, whales dumped nearly 107,000 ETH, valued at $256.8 million, onto cryptocurrency exchanges in the past 24 hours. This is seen as a negative signal for the market since the increased exchange reserve creates selling pressure and leads to a significant decline in prices.

Ether Current Price Momentum

As of publication, Ethereum is trading near $2,406, experiencing a price drop of over 0.75% in the past 24 hours. Meanwhile, its trading volume has decreased by 46%, indicating reduced participation from traders and investors, possibly due to fears of a price decline or market crash.

Ethereum Technical Analysis and Key Levels

According to technical analysis, Ether is currently facing strong resistance near the $2,445 level. Following the recent price dip, ETH tested the support of its ascending trendline. It is crucial for ETH to maintain above this trendline and the $2,335 level to prevent further price decline. Currently, ETH is trading below the 200 Exponential Moving Average (EMA), which indicates a downtrend. This is a key technical indicator used to analyze whether the asset is in an uptrend or downtrend, and traders and investors often base their decisions on this analysis.

The situation on the Ethereum market remains tense, and investors are closely monitoring price changes and the actions of major holders to make informed decisions.