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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InEthereum (ETH) continues to face persistent weakness after failing to break through the key resistance zone at $2,400, signaling a loss of technical recovery momentum. This technical failure follows a period of intense volatility where the price previously slumped below $2,000 amid a massive $392 million exodus from Ethereum ETFs. However, new on-chain data reveals a potential counter-narrative, as a whale linked to the mining sector recently withdrew 9,000 ETH from Binance. This move comes despite broader concerns over daily network fees declining by 38% and significant exchange deposits by institutional players like BlackRock. While the liquidation of $111 million in leveraged long positions has dampened sentiment, such large-scale withdrawals may suggest accumulation at lower levels. Market participants are now closely monitoring whether ETH can establish a new floor or if institutional selling pressure will continue to dominate the price action.