Ethereum Whale Offloads $33 Million In ETH At A Loss As Crypto Sinks 11% In A Week — This Is What Indicators Suggest

However, the bearish sentiment wasn’t limited to any single entity. According to blockchain analytics firm IntoTheBlock, net inflows to exchanges spiked 791% to $338 million in the last 24 hours, suggesting that more ETH was entering than leaving exchanges, presumably to be sold off.

Large transactions, valued at $100,000, also jumped by over 70%, implying greater engagement by whales.

See Also: US Government Silk Road Bitcoin Holdings Drop To 0 Amid Report DOJ Approved To Sell $6.5 Billion Worth Of Crypto

Why It Matters: The second-largest cryptocurrency was in the middle of a corrective phase that has eroded over 11% of its value in a week.

The coin’s momentum indicators painted a bearish picture. The Moving Average Convergence Divergence indicator, which compares a stock’s short-term price to its long-term price, flashed a ‘Sell’ signal, according to TradingView. The Relative Strength Index, used to measure if the asset is overbought or oversold, was in the “Neutral” zone.

However, derivatives traders were confident of a recovery. More than 82% of all traders on Binance with an active contract were long on Ethereum, according to the Long/Short Ratio.

Price Action: At the time of writing, Ethereum was exchanging hands at $3,250.93, down 0.92% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was down 2.86%, compared to a 46% upside in 2024.

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