Ethereum’s 13% Dip Draws $360 Million in Whale Buying — But Why Is Smart Money Hesitating?
Despite a 13% dip drawing $360M in whale accumulation, smart money remains hesitant due to a significant supply cluster resistance zone.Summary
Ethereum experienced a nearly 13% pullback, briefly dipping below key levels. During this dip, large holders, or whales, aggressively bought approximately $360 million worth of ETH, signaling confidence in limited downside, similar to buying observed before a previous bounce.
Technically, Ethereum is trading within a symmetrical triangle pattern, and a bullish divergence on the RSI suggests weakening selling pressure. However, a major obstacle exists: a dense supply cluster between $3,146 and $3,164, where millions of ETH were accumulated near breakeven, creating strong resistance.
In contrast to whales, 'smart money' (informed traders) is waiting, as their positioning index remains below the signal line, indicating a lack of conviction for a sustained rally until resistance is cleared. For a reversal, ETH must reclaim $3,050 initially, followed by a decisive daily close above the $3,160 supply wall, which could then accelerate momentum toward $3,390.
(Source：BeInCrypto)