Ethereum (ETH) Breaks Pattern Amid $20 Billion DeFi Slide — Why Are Whales Still Buying?
Ethereum broke a short-term pattern amid a $20 billion DeFi TVL drop, but whales are cautiously accumulating near a key cost basis support.Summary
The Ethereum price fell over 5%, breaking below the $1,980 level and confirming a bearish pattern break, which was not supported by strong institutional money flow as indicated by the Chaikin Money Flow (CMF).
This technical weakness coincides with a significant structural problem in DeFi, where Total Value Locked (TVL) has dropped by nearly $20 billion since mid-November, signaling capital leaving long-term use and potentially moving to exchanges for selling.
Despite the bearish indicators, large holders (whales) have paused distribution and shown slight accumulation, likely defending a critical cost basis support zone between $1,879 and $1,898. If ETH closes below $1,845, deeper downside risks to $1,650 and $1,500 emerge, while reclaiming $2,150 is necessary for stabilization.
(Source：BeInCrypto)