- Over 4.5M addresses hold 13.24M ETH within the $1,770 range.
- Ethereum reclaimed 21-day and 50-day EMAs, signaling trend reversal.
On-chain records show a dormant Ethereum whale who once held 76,000 ETH completed his final sell-off. The whale transferred 2,000 ETH to Kraken at 21:04 UTC+8, valued at $3.66 million. The wallet had acquired ETH at $0.31 during the 2015 ICO.
Data shows 14,000 ETH were sent to exchanges in two weeks, with 6,000 ETH deposited over 33 hours. These transactions totaled $10.92 million, with the remaining 8,000 ETH valued at $12.74 million transferred earlier. All funds went to Kraken’s deposit address 0xb72.
The complete exit reflects added selling pressure across exchanges. Market response has aligned with these movements, as Ethereum consolidates above its on-chain support zone. The wallet currently holds 2,000 ETH, signaling that further outflows may continue.
Strong On-Chain Support at $1,770 Anchors Price Stability
According to IntoTheBlock, Ethereum’s most critical support lies between $1,721 and $1,770. Analyst Ali Martinez reported that 4.56 million addresses acquired 13.24 million ETH within this range. This area represents the highest volume cluster for current holders, forming a strong defensive zone.
At the time of reporting, Ethereum trades at $1,826.34. Data shows 61.55% of addresses remain profitable, while 38.07% are below cost. Only 0.38% of addresses holding 80,780 ETH are at break-even prices. The volume-weighted average within the support zone is $1,749.94.
If Ethereum closes below $1,770, it may face accelerated downside due to weaker support below. Meanwhile, resistance zones above $1,870 show thinner buyer clusters. These levels have historically acted as rejection points, adding to the importance of the $1,770 zone.
Breakout from Downtrend Signals Bullish Shift, Resistance Ahead
Technical analysis confirms that Ethereum has broken out of a multi-week descending channel. The rally from $1,670 to $2,010 marked a 20.65% move. The breakout helped Ethereum reclaim the 21-day and 50-day EMAs, indicating more substantial short-term trend alignment.
However, price action has slowed under the $2,120 to $2,160 resistance zone. This area had previously served as support in January and February. The price has yet to close above this zone, suggesting possible short-term consolidation.
If Ethereum manages to clear $2,160, it could move higher. Failure to do so may pull ETH back toward $1,770. Volume data supports this structure, aligning with market reactions from whale sell-offs and resistance testing.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
