- Over $100M in ETH moved to exchanges, including 26,182 ETH from a whale and 2,373 ETH from Arthur Hayes.
- Ethereum price holds near $3,500, just above the 0.236 Fib level, with RSI dropping to 54.
- ETH net outflows fell sharply from $410M to $85.5M, increasing exchange supply and potential sell pressure.
Ethereum price is showing signs of pressure near the $3,500 mark, a crucial support area. A sharp rise in whale activity, including the movement of over $100 million in ETH to exchanges, has raised concerns among traders. As Ethereum trades around $3,503, the next moves could determine the short-term direction.
Ethereum Whale Activity Increases Sell Pressure
Whale activity has increased sharply, raising pressure on Ethereum price current structure. Data from Lookonchain shows that a large investor transferred 26,182 ETH, valued at around $93.66 million, to centralized exchanges. This move came alongside BitMEX co-founder Arthur Hayes, who sold 2,373 ETH worth about $8.32 million.
Such large-scale selling can influence retail traders, who often monitor whale behavior to gauge short-term price direction. When well-known figures or large holders move tokens to exchanges, it often signals the potential for increased selling pressure. This shift contributes to a growing sense of caution among market participants.
Source: CoinGlass
According to Coinglass, Ethereum recorded just $85.5 million in outflows on August 2, compared to $410 million the day before. This sharp drop shows fewer investors are moving ETH price off exchanges into custody. With more ETH remaining on exchanges, supply increases, which may raise the risk of liquidations. As ETH price trades near the $3,500–$3,550 range, bulls must act quickly to stop a deeper pullback.
Ethereum Price Holds Support Near $3,500
Ethereum price climbed from the $2,100 range, breaking above the 0.618 and 0.5 Fibonacci retracement levels, showing strong buying interest. The upward move, however, stalled just below the $3,950 resistance, leading to a pullback. At the time of writing, Ethereum is trading near $3,503 and is holding slightly above the 0.236 Fibonacci level at $3,511.
A break below $3,511 could push the price toward $3,245 or even down to $3,030, which align with the 0.382 and 0.5 retracement levels. The daily RSI has dropped to 54, suggesting weakening momentum. Bulls must reclaim the $3,550 level soon, as failure to do so may open the door for further correction.
Source: TradingView
The price structure has entered a consolidation phase, marked by lower highs near resistance. If support holds and volume increases, Ethereum price may retest $3,825 and $3,950. Otherwise, it risks slipping to deeper support at $3,030 or $2,815, challenging the recent bullish trend.
Read Also:
