10x Research: ETH falls below short- and medium-term moving averages; ETFs see net outflows exceeding $1.4 billion in a single week.
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TL;DR
ETH has dropped below key moving averages, falling 6.6% amid over $1.4 billion in ETF outflows and rapid selling by long-term holders. However, large investors are accumulating ETH, buying over $1 billion during the decline.
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EthereumSmart ContractsLayer 1ETFETHmoving averageswhale accumulationbearish pattern
According to Mars Finance, 10x Research analysis indicates that ETH has broken below its 7-day and 30-day moving averages, showing a bearish technical pattern, with a nearly 6.6% drop in the past week. Simultaneously, the ETH ETF has seen a net outflow of over $1.4 billion, with long-term holders of 3-10 years on-chain selling at the fastest pace since 2021, creating additional supply pressure. Despite the intensified selling pressure, large addresses have been accumulating ETH during the decline, with several whale cumulatively purchasing over $1 billion worth of ETH.