Ethereum Whales Test Support as Price Remains Steady Near $1,570

Ethereum's price action remains steady near $1,570 as it navigates through intense market pressure. The second-largest cryptocurrency continues to face challenges from ETF outflows and whale selling activity.

The asset is currently under scrutiny due to its failure to recover above the $1,800 level, which many traders consider a key recovery zone. Analysts have identified the $1,583 support area as crucial in determining Ethereum's next move.

Whales have been selling large quantities of ETH, with Ali Martinez noting that around 550,000 ETH were sold over the past week, injecting approximately $880 million in sell-side supply into the market. This heavy selling has pushed Ethereum below its immediate support floor at $1,633 and is now testing volume support near $1,583.

A clean break above $1,800 would be a significant sign of bulls regaining control, potentially shifting attention back toward higher resistance zones. However, if ETH loses $1,583, traders may look toward lower demand zones, with $1,505 and $1,385 being potential targets if whale selling continues.