Ethereum's price is at a pivotal juncture, trading around $1,830 as conflicting forces of technical bullishness and significant selling pressure from whales and traditional finance collide. A bullish divergence pattern on the 12-hour chart, where the price made a lower low between January 25 and February 24 while the Relative Strength Index (RSI) made a higher low, typically signals a potential reversal. However, this signal is being challenged by substantial sell-offs from major holders.
On-chain data reveals a wave of selling from large addresses. One whale, identified by address ending in 0xead, dumped 24,000 ETH (worth approximately $45 million) at an average price near $1,883, with some sales occurring in a concentrated 30-minute burst. Another dormant whale moved 6,983 ETH ($13.5 million) to the Kraken exchange after over two years of inactivity. Most notably, Ethereum co-founder Vitalik Buterin has sold a significant portion of his holdings, offloading between 8,800 and 10,700 ETH in February alone, valued between $16 million and $21 million. According to analytics firm Lookonchain, his plan to sell 16,384 ETH is roughly 70% complete.
This selling pressure is compounded by sustained outflows from traditional finance vehicles. Spot Ethereum ETFs have posted their fifth consecutive week of net outflows, indicating sustained selling from institutional allocators rather than random profit-taking. This contrasts sharply with the accumulation strategy of public mining company BitMine Immersion Technologies, which has aggressively bought the dip. BitMine recently purchased an additional 51,162 ETH (worth over $93 million), bringing its total holdings to 4.42 million ETH, representing about 3.66% of the total supply. The company has staked 3.04 million ETH, generating an estimated $171 million in annualized yield, and aims to control 5% of Ethereum's supply.
The immediate technical outlook hinges entirely on the $1,811 support level. A daily close below this level would invalidate the bullish divergence pattern and could trigger a drop toward the next major support at $1,500, representing an 18% decline from current prices. Conversely, holding above $1,811 and breaking back above the psychological $2,000 resistance could signal a complete reversal, with a potential target of $2,167. Despite the selling pressure, ETH gained nearly 5% in the last 24 hours, trading at $1,916, outperforming the broader market's 3.28% rise, though analysts caution that reclaiming $2,000 is crucial for confirming bullish momentum.
