Whales Add $1.2 Billion in Ethereum (ETH) as Price Tests a Bearish Formation
Ethereum whales accumulated $1.2 billion in ETH while the price tests a bearish head-and-shoulders pattern, suggesting potential upside if key resistance is cleared.Summary
Ethereum (ETH) is currently trading near $3,016, attempting to break out of a bearish head-and-shoulders pattern where the neckline support is near $2,809. Despite this bearish structure, on-chain data shows significant bullish activity: whales increased their holdings by approximately 400,000 ETH (about $1.2 billion) in under 24 hours. This accumulation coincides with a 98% drop in spent coins from long-term holders (365-day to 2-year band), indicating that long-term investors are no longer selling into strength, which removes selling pressure. For ETH to overcome the bearish setup, it needs to close above the short-term resistance at $3,069, with the pattern invalidation point set at $3,449; otherwise, losing $2,809 reopens the risk of a 20% downside move.
(Source：BeInCrypto)