Ethereum Consolidates Below $1,900... Individuals Sold 360,000, Whales Bought

▲ Ethereum (ETH) Whale ©

While Ethereum (ETH) failed to find direction below $1,900, individual investors disposed of 360,000 units in a week, and whales accumulated 130,000 units. If it fails to break the short-term resistance of $1,869, it could fall to $1,809, suggesting that the difference in supply and demand among investor types will determine future prices.

According to investment media FXStreet on August 5 (local time), Ethereum continued its sideways movement around $1,860. Whale wallets holding 10,000 to 100,000 units net bought 130,000 units over the past week, marking the first significant capital inflow in approximately three weeks. In contrast, wallets holding 1,000 to 10,000 units reduced their holdings by 230,000 units, and wallets holding 100 to 1,000 units reduced theirs by approximately 130,000 units.

The combined selling volume from individual investors amounted to 360,000 units over the week. The Spent Output Profit Ratio (SOPR) recorded 0.98-1.01 during the same period, indicating that most of the selling volume occurred near the break-even point. Amid ongoing geopolitical tensions and a somewhat hawkish stance from the U.S. Federal Reserve (Fed), it is analyzed that individual investors exited the market as prices approached their purchase costs.

The net outflow from exchanges decreased from -34,000 units in mid-July to -4,000 units recently. This indicates a moderate weakening of buying dominance in the spot market. The U.S. Ethereum spot ETF saw a net inflow of $27.42 million last week but turned into a net outflow of $11.42 million on Monday. Data from SoSoValue also showed that institutional demand remains low.

Technically, Ethereum is hovering between its 50-day Exponential Moving Average (EMA) at $1,851 and the 20-day line at $1,869. The Relative Strength Index (RSI) is at 51, and the Stochastic is at 29, showing no clear direction. The 24-hour liquidation volume was $17.77 million, with short position liquidations accounting for $11.77 million of that. The diagnosis is that if the daily closing price exceeds $1,869, it could test $1,931 and $1,948, but if $1,851 breaks, it could correct to $1,809, then $1,701, and even $1,507.

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