- Whale purchases of 600K ETH signal growing confidence among large holders.
- Over 1M ETH withdrawn from exchanges, reducing sell pressure and market volatility.
- Ethereum’s RSI near oversold, suggesting potential short-term price bounce.
Ethereum’s price has experienced a sharp decline, accompanied by significant whale activity and exchange withdrawals. According to crypto analyst Ali Martinez, whales have purchased over 600,000 Ethereum (ETH) in the past week. This substantial accumulation suggests growing confidence among large holders.
Whales have bought over 600,000 #Ethereum $ETH in the past week! pic.twitter.com/y736DxlGSP
— Ali (@ali_charts) February 12, 2025
Moreover, Martinez reports that more than 1 million ETH have been withdrawn from exchanges within the same period. Such large-scale withdrawals typically indicate reduced sell pressure, as investors move assets to private wallets for long-term holding.
More than 1 million #Ethereum $ETH have been withdrawn from exchanges in the past week, signaling increased accumulation and reduced sell pressure, as shown by data from @santimentfeed! pic.twitter.com/1r5sZXmYFP
— Ali (@ali_charts) February 11, 2025
Ethereum’s Liquidation Data and Market Volatility
Besides whale activity, Ethereum’s liquidation data reveals high volatility in recent months. The ETH Total Liquidations Chart highlights significant liquidation events, particularly in early February. Liquidations exceeded $330.658 million during that period, primarily affecting long positions.
Throughout this timeframe, long liquidations outpaced short liquidations, especially during price surges. However, short liquidations were dominant in early November when Ethereum’s price climbed, forcing traders who had bet against the asset to exit their positions.
Ethereum’s Current Price Performance
Ethereum’s price has fluctuated significantly, recently trading at $2,623.96. Over the past 24 hours, it has declined by 3.10%, with a 5.01% decrease over the last seven days. With a circulating supply of 120 million ETH, the cryptocurrency’s market capitalization stands at $316.03 billion. Despite its current downtrend, key technical indicators suggest potential price movements in the coming days.
Key Support and Resistance Levels
The price trend shows that Ethereum is in a strong downtrend, with its latest closing price at $2,515.3, reflecting a 5.36% decline. A pattern of lower highs and lower lows suggests persistent downward momentum. Support levels include $2,500, which serves as a psychological threshold, and the $2,300-$2,400 range, where past consolidations indicate potential buyer interest.
If selling pressure intensifies, Ethereum could test the $2,000 level, a historically significant support zone. Conversely, resistance levels lie between $2,630 and $2,650, where the price has struggled to recover. A stronger bullish reversal would need to breach $2,800 before facing the critical $3,000-$3,200 resistance zone.
Technical Indicators and Market Outlook
Technical indicators provide further insights into Ethereum’s market outlook. The Relative Strength Index (RSI) currently stands at 33.45, nearing oversold conditions. This suggests a possible short-term price bounce if buyers regain control.
Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a bearish crossover, with the MACD line positioned below the signal line. The histogram reflects strong negative momentum, reinforcing continued downward pressure.
