- Whales accumulated over 600K ETH, but ETH remains below $2,800, facing resistance at $3,095 with bearish market patterns.
- A death cross has formed as the 50 day MA falls below the 200 day MA, suggesting continued bearish pressure unless reversed.
- Ethereum ETF inflows hit $12.57M, showing institutional confidence, yet ETH risks dropping to $2,500 if selling pressure persists.
Ethereum (ETH) has had increased accumulation by large holders since the beginning of February. However, despite growing whale activity, ETH remains below $2,800, struggling to break key resistance levels. Market sentiment remains mixed, as trading volume rises while price action remains subdued.
Whale Accumulation Increases as Price Decline
Ethereum’s price has continued its downturn since early January, trading at $2,628 on February 12. Over the past week, ETH has dropped by 5.24% and is down by 15.84% for the month. Despite this decline, whale accumulation has been high.
According to analyst Ali, large investors have purchased over 600,000 ETH in the past week. Lookonchain confirms this trend, with notable transactions including a withdrawal of 56,909 ETH ($151.6 million) from Binance and another of 64,603 ETH ($171.8 million) from Binance and Bitfinex within 48 hours.
Additional data from Whale Alert notes significant transfers, such as 8,360 ETH ($22.2 million) moved from Coinbase Institutional and 29,250 ETH ($77.7 million) withdrawn from Binance to an unknown wallet.
Market Trends and Technical Indicators
While whale accumulation suggests confidence in Ethereum’s long term potential, price is bearish. ETH has struggled to hold above $2,700, indicating ongoing selling pressure.
Trading volume, however, has increased by 9.62% in the past 24 hours, reaching $20.09 billion. A rise in volume often indicates increased market activity, yet ETH continues to trade below key moving averages.
The 50 day moving average has crossed below the 200 day moving average, forming a death cross, which is a bearish indicator. The 200 day moving average, at $3,095, now is the strong resistance. Until ETH moves above these levels, the downtrend remains intact. If selling pressure persists, ETH could test support near $2,500.
Ethereum ETFs and Institutional Demand
Institutional interest in Ethereum has also been evident through Ethereum ETF activity. According to Sosovalue, Ethereum spot ETFs recorded a net inflow of $12.57 million on February 11.
Invesco Galaxy saw an inflow of 471 ETH ($1.25 million), bringing its total holdings to 7,844 ETH ($20.9 million). Increased ETF inflows often indicate institutional confidence, but the overall market trend remains uncertain.
Ethereum’s price moves remain under pressure despite strong accumulation by whales and rising volume. If accumulation continues, ETH could reclaim key resistance levels. However, the current downtrend suggests caution.
