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 <h2 id="ethereum-uptrend-weakens-despite-whale-activity">Ethereum Uptrend Weakens Despite Whale Activity</h2> 
 <p>Ethereum markets&nbsp;have remained squashed since Friday, despite reports of whales increasing exposure to the token. Data by Lookochain shows that five whales have in the last seven days cumulatively purchased $94 million worth of Ether.</p>  
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 <p>The biggest whale (smartestmoney.eth) scooped up approximately 18.2k ETH worth around $30.6 million, followed by 18k ETH valued at $30 million, 17.9k ETH worth roughly $30 million, and 2k ETH approximately $3.4 million.</p> 
 <blockquote class="twitter-tweet"> 
  <p dir="ltr" lang="en">Whales are accumulating $ETH from the bottom!</p> 
  <p>4 whales accumulated 56.1K $ETH ($94M) in the past 7 days.</p>  
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  <p>– 0x3CEE accumulated 18K $<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>($30M);</p> 
  <p>– 0x3478 accumulated 2K $<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>($3.4M);</p> 
  <p>– 0x5bA3 accumulated 17.9K $ETH($30M);</p> 
  <p>– smartestmoney.eth accumulated 18.2K $ETH($30.6M). pic.twitter.com/M93Mhkpn6p</p> 
  <p>— Lookonchain (@lookonchain) August 24, 2023</p> 
 </blockquote> 
 <p>Despite this uptake of ETH among whales and an uptrend forming on the ecosystem total value locked (TVL) in the&nbsp;decentralized finance (DeFi) sector, the technical outlook is not strong enough to sustain gains past $1,700.</p> 
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  <figcaption id="caption-attachment-157533" class="wp-caption-text">
    ETH/USD daily chart | Tradingview 
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 </figure> 
 <p>Traders are adamant about booking new long positions in Ethereum, considering most indicators are in a worrisome downward trend.</p> 
 <p>The Moving Average Convergence Divergence (MACD) indicator affirms the bearish stance in the market with a sell signal that has stuck around since early July. Unless the MACD line flips above the signal line in blue, the path with the least resistance would remain downward.</p>  
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 <p>Adding credibility to the bearish outlook is the Money Flow Index, which measures the outflow and inflow volume of money in ETH markets. Since the beginning of July, outflow volume has significantly surpassed inflow volume.</p> 
 <p>A recent report by CoinShares found that&nbsp;Ethereum was the second among the digital assets&nbsp;investment products that saw the highest outflows last week compared to the week before.</p> 
 <p>Crypto analyst @ali_charts said that “large holders of Ethereum also called whales, have been “reshuffling since February. About 112 whales have adjusted their portfolios, either selling or redistributing their <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>.”</p> 
 <p>Until whales throw their full weight behind <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>, the token may continue to struggle to sustain the uptrend, especially above $2,000.</p> 
 <blockquote class="twitter-tweet"> 
  <p dir="ltr" lang="en">Large #Ethereum holders with 10,000+ $<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> have been reshuffling since February. About 112 whales have adjusted their portfolios, either selling or redistributing their #<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>. pic.twitter.com/YswJ6e2JK4</p> 
  <p>— Ali (@ali_charts) August 22, 2023</p> 
 </blockquote> 
 <p>Support at $1,600 is currently in place to absorb the selling pressure. It has been reinforced by the lower ascending trendline. Nonetheless, declines to $1,400 where the next sturdiest support lies, cannot be ruled out just yet, considering the battered market structure.</p> 
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Ethereum Going To $1,400 But This Is All You Need To Know

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