Ethereum Whale Losses Mirror Past Bottoms: Accumulation Continues Despite Pressure
Ethereum continues to struggle under persistent selling pressure, with price action reflecting a fragile market environment and cautious investor sentiment. Since peaking in October, Ethereum has lost more than 60% of its value, marking one of the sharpest corrective phases of the current cycle. Analysts increasingly warn that downside risks remain elevated, particularly if broader crypto liquidity conditions fail to stabilize in the near term. The clustering of major moving averages above the current price reinforces this bearish structure. The faster trend averages have rolled over decisively, while the longer-term baseline continues to flatten, indicating weakening trend strength rather than outright capitulation. This configuration typically reflects late corrective phases, where volatility rises but directional conviction remains fragile.Related Reading
Volume dynamics add nuance. Elevated selling volume during the latest decline signals active distribution rather than passive drift. However, the absence of extreme capitulation spikes suggests that a full market flush may not yet have occurred.
From a structural perspective, holding above the $1,800–$2,000 corridor would help stabilize sentiment and potentially form a consolidation base. A sustained breakdown below this region could expose deeper historical support zones closer to prior cycle accumulation ranges. Conversely, reclaiming the key moving averages would be required before any credible trend reversal narrative emerges.
Featured image from ChatGPT, chart from TradingView.com
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