Since falling to $1,510, Ethereum has traded within a narrow range. Over the past week, the altcoin has hovered around $1,600.
At the time of writing, Ethereum [$ETH] traded at $1,622, up 2.8% over the past 24 hours. The muted price action prompted some investors to reduce exposure, while others waited for a clearer trend.
Why did an Ethereum whale move $26 million?
Ethereum has barely moved over the past week, leaving whales that accumulated in May and June sitting on unrealized losses.
As market weakness persisted, some investors became more cautious. One example was Satofashi [Chun Wang], who accumulated 91,945 $ETH worth $159.9 million during late May and June.
When Satofashi accumulated $ETH, the asset traded around $2,100, with an average purchase price of $1,749.
According to Lookonchain, the whale later deposited 16,842 $ETH worth $26.87 million.
A transfer to an exchange does not necessarily indicate an imminent sale. The funds could also be used for collateral or capital rotation.
If the holdings were sold, the whale would realize a loss of about $2.66 million. However, most of the wallet’s $ETH remained untouched, suggesting repositioning rather than a full exit.
That move coincided with broader exchange inflows.
According to CryptoQuant, Exchange Netflow remained positive over the past two days. At press time, Exchange Netflow stood at 14,000, indicating more $ETH moved onto exchanges than left them.
Is $ETH finding stability, though?
Despite persistent market weakness, Ethereum continued holding around the $1,600 level. Notably, the reported whale transfer had little immediate impact on price.
Meanwhile, the MACD remained below zero but formed a bullish crossover, rising to -64.
The improving MACD suggested bearish momentum continued easing. The BvB indicator also turned positive for two consecutive days after remaining negative for seven straight sessions.
Together, those indicators pointed to gradually improving momentum rather than a confirmed bullish reversal.
If that trend continues, Ethereum could extend its recovery toward $1,777.
Even so, sustained exchange inflows, particularly from large holders, could increase selling pressure and expose the $1,500 support again.
Final Summary
- A $26.87 million whale transfer failed to trigger immediate weakness in Ethereum’s price.
- Improving momentum indicators contrasted with rising exchange inflows, leaving $ETH at a key decision point.
