Ethereum Whales Dump $2.7 Billion in ETH, but Bottom Signals Are Flashing

Ethereum is trading sideways amid market uncertainty, even as large holders, or whales, have aggressively distributed assets. Addresses holding 100,000 to 1 million ETH sold about 1.43 million ETH, totaling roughly $2.7 billion over the past two weeks, which historically suggests late-cycle stress near capitulation.

Conversely, on-chain metrics point toward a potential bottom. The Net Unrealized Profit and Loss (NUPL) indicator shows Ethereum in the capitulation zone, often preceding reversals. Furthermore, the Pi Cycle Top Indicator shows extreme divergence between short-term and long-term moving averages, a pattern that has historically marked cyclical bottoms.

At the time of writing, Ethereum was holding above the critical $1,928 support level. While downside risks remain, sustained support suggests the asset may be stabilizing and could challenge the $2,027 resistance level.

(Source：BeInCrypto)