- Over 3 million ETH held near $2,924 indicates investor confidence.
- Whale address 0x3c9E sold 33,682 ETH in recent days.
- Eric Trump urges investors to buy dips amid market volatility.
Ethereum is trading above two major support levels despite recent whale activity and broader market volatility. Glassnode’s data shows that in the ETH Cost Basis Distribution Heatmap, Ethereum holds above two critical support levels: $2,924 and $2,750.
Analyst Ali Martinez shared the heatmap, highlighting strong investor activity at these points. The darkest heatmap bands represent the largest ETH concentrations, suggesting historical buying interest.
Over 3 million ETH is held near $2,924, reinforcing this area as a strong defense line. These supply clusters serve as significant support zones, even as Ethereum’s price retraced from its July peak.
Whale Activity Raises Caution
Blockchain analytics platform Lookonchain reported renewed selling from the Ethereum whale address 0x3c9E. On August 2, the address deposited 7,500 ETH, worth about $25.58 million, into centralized exchanges.
This adds to a total of 33,682 ETH sold over the past three days, valued at nearly $119 million. The sustained sell-off has raised concerns among investors who are watching for further downside pressure.
Despite the high concentration of ETH at key support zones, such large transactions often precede or accompany short-term volatility. The selling activity contrasts with technical signals pointing to accumulation and consolidation.
Market Sentiment and Public Influence
In a recent post on X, Eric Trump encouraged crypto holders to “₿uy the dips!!!”, citing both Bitcoin ($BTC) and Ethereum ($ETH). His comments come amid heightened volatility, reflecting broader mainstream attention toward digital assets.
While not a financial expert, his statement has drawn reactions from both supporters and critics. His timing coincides with key technical support levels forming in the ETH market, further amplifying social media discussion.
Despite whale selling, ETH continues to trade with strength, suggesting that buyer interest may still outweigh short-term bearish signals. At the time of writing, Ethereum is priced at $3,548.65, marking a 2.62% increase in the past 24 hours.
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.
