Ethereum Price Tests Key Support Levels Amid Whale Selling and ETF Outflows

Ethereum's price is facing a critical test as it nears key support levels. The cryptocurrency has been under pressure from large holders selling significant amounts, but technical indicators are showing signs of a potential reversal.

According to data, Ethereum displayed bullish divergence on 12-hour charts, with the Relative Strength Index making a higher low while the price established a lower low over the prior month. This pattern is typically associated with a reversal in traditional technical analysis.

However, substantial selling activity by large holders has complicated the technical outlook. A major wallet address sold a significant amount of Ethereum in a concentrated period, and another dormant whale address transferred coins to an exchange after remaining inactive for years. Ethereum co-founder Vitalik Buterin also sold a notable amount over recent days.

On the other hand, BitMine Immersion Technologies has moved counter to the broader trend by substantially increasing its Ethereum holdings to represent a notable share of circulating supply. The firm maintains a large staked position generating annualized yield and completed a major purchase last week.