Ethereum whales intensified profit-taking after a two-day rally exceeding 20%, placing fresh selling pressure against still-strong market demand.
According to Lookonchain, 7 Siblings sold 14,000 ETH worth $32.85 million at an average price of $2,346. Another whale sold 11,252 stETH worth $26.5 million and 1,824 ETH worth another $4.26 million.
The transactions coincided with ETH’s sharp rise and profit-taking was a probable reason for the selling by large holders.
However, the distribution came as ETH was still trading close to the whales’ average selling points. The positioning raised the significance of demand at $2,346, with sellers converting massive amounts of their inventory into stablecoins.
Buyers counter whales as Ethereum leaves exchanges
Aggressive spot demand provided the clearest counterweight to the whale selling observed during Ethereum’s price rally.
The 90-day Spot Taker CVD remained taker-buy dominant, indicating that there was more buying activity than selling activity in the market.
Therefore, buyers continued taking available offers despite whales offloading large amounts of Ethereum.
Exchange Spot Netflows strengthened that demand picture further, rather than confirming broader distribution across the market.
According to CoinGlass, ETH recorded approximately $40.43 million in negative Spot Netflows as of the time of writing.
This led to a decline in exchange side availability, while aggressive taker demand competed with the circulating supply.
Whale profit taking had brought some resistance near term especially with the rapid rise in price.
However, the taker buy dominance and exchange outflows provided the buyers with two buffers against such big holder supply.
Can buyers crack the $2,378 ceiling?
The battle between demand and supply was brought directly to $2,378, the significant resistance zone for Ethereum.
Ethereum [ETH] had rallied from $1,945 prior to hitting around $2,353 and testing the broken supply level.
Importantly, buyers entered that zone with strong directional conditions rather than approaching it through weak participation.
The +DI has rallied to 51.69 while the -DI has fallen drastically to just 7.17.
The ADX is currently at 30.19, indicating strong momentum in the direction of the trend. Those readings favor buyers as ETH tests an area that previously capped advances during the April and May sessions.
Still, $2,377.89 represented the immediate threshold separating the rally from a cleaner technical expansion.
A continuation break may create a larger opportunity to the major $2,795.75 resistance level.
Rejection could also swing momentum back to $2,145 before other supports came into play.
Liquidity could amplify the supply-zone battle
Leveraged positioning added another layer to Ethereum’s attempt to clear its nearby supply pressure.
The 24-hour Liquidation Heatmap showed significant liquidation liquidity below price in the $2275 – $2290.price range
Specifically, the brightest concentration formed around $2,280, which makes for a major downside liquidity pocket.
However, liquidity also accumulated above ETH as price approached the upper boundary of its supply zone.
Clusters in the $2,380 to $2,400 range sat just past the resistance that buyers are facing.
Therefore, a move through $2,378 could expose nearby liquidation levels and strengthen the upside extension.
A rejection could otherwise drive ETH back down before any buyers would try and resume the upward run.
Importantly, spot demand remained supportive while those competing liquidity pools surrounded the current price structure.
The next direction would then be driven by whether buyers could absorb supply around the $2,378 region.
Final Summary
- Whale profit-taking has increased, but taker buyers continue absorbing available ETH supply.
- A $2,378 breakout could expose upside liquidity and strengthen Ethereum’s ongoing recovery.
