Ethereum

Convergence

Divergence

<ul>
 <li aria-level="1">Technical indicators like MACD and RSI suggest weakening bullish momentum, potential further price declines expected.</li>
 <li aria-level="1">Grayscale transfers 140,044 ETH to Coinbase Prime, indicating significant whale activity post-ETF approval.</li>
</ul>
The approval of Ethereum ETFs has led to a notable increase in selling pressure in the cryptocurrency market. This response aligns with patterns observed in past financial product launches within the sector.
 Following the regulatory approval, Ethereum’s price showed a clear decline, signaling a typical “sell the news” reaction where initial enthusiasm transitions into strategic sell-offs.
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Ethereum was trading at $3,177 shortly after the ETFs were approved, reflecting a decrease of more than 10% since the approval. Before this decline, Ethereum had enjoyed a 21% increase from its July lows, peaking just 15 days before the <a href="https://www.ethnews.com/ethereum-etfs-exceed-expectations-trading-volume-hits-1-billion-market-reacts/" rel="noopener noreferrer nofollow">ETF approvals</a>. 
This increase suggests that the market had initially responded positively to the prospect of ETFs.
<figure id="attachment_83986" aria-describedby="caption-attachment-83986" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class="size-full wp-image-83986" src="https://www.ethnews.com/wp-content/uploads/2024/07/ETHUSDT_2024-07-25_09-34-30.png" alt="ETHUSDT_2024-07-25_09-34-30" width="1013" height="585">
 <figcaption id="caption-attachment-83986" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure>
Market indicators such as the Moving Average Convergence Divergence (MACD) show that the bullish momentum is weakening, with a potential shift to negative territory. The Relative Strength Index (RSI) indicates that further declines could occur, as it has not yet reached oversold conditions.&nbsp;
<h2 id="b-the-next-significant-support-level-for-ethereum-is-projected-to-be-below-2-900-b">The next significant support level for Ethereum is projected to be below $2,900</h2>
Large-scale investors, often referred to as “whales,” have played a significant role during this period. 
<figure id="attachment_83994" aria-describedby="caption-attachment-83994" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-83994" src="https://www.ethnews.com/wp-content/uploads/2024/07/grayscale-etf.jpeg" alt="grayscale-etf" width="1570" height="1292">
 <figcaption id="caption-attachment-83994" class="wp-caption-text"> According to #Grayscale’s website, #Grayscale currently holds 2,489,075 $ETH($7.9B). – Source: etfs.grayscale.com/ethe
 </figcaption>
</figure>
According to data from Lookonchain, <a href="https://www.ethnews.com/grayscale-prepares-for-ethereum-etf-launch-with-massive-transfers/" rel="noopener noreferrer nofollow">Grayscale</a> moved 140,044 ETH to Coinbase Prime, valued at nearly $500 million. This transfer is indicative of whales using the new ETF liquidity to adjust their holdings, contributing to the selling pressure.
<figure id="attachment_83990" aria-describedby="caption-attachment-83990" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-83990" src="https://www.ethnews.com/wp-content/uploads/2024/07/GTTZXHDbcAA2F3i.jpeg" alt="lookonchain" width="679" height="519">
 <figcaption id="caption-attachment-83990" class="wp-caption-text">
 Source: lookonchain
 </figcaption>
</figure>
Despite the market downturn, not all activities are geared towards selling. The iShares Ethereum ETF, managed by BlackRock, added about 76,669 ETH, worth approximately $262 million, to its assets, indicating continued buying interest at lower prices.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 BlackRock(iShares) Ethereum ETF wallet received 76,669 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($262.4M) from <a href="https://twitter.com/hashtag/CoinbasePrime?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CoinbasePrime</a> 10 hours ago.
 According to <a href="https://twitter.com/hashtag/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BlackRock</a>'s official website, <a href="https://twitter.com/hashtag/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BlackRock</a> currently holds 79,699 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($277M).<a href="https://t.co/sefS6WTlHz" rel="noopener noreferrer nofollow">https://t.co/sefS6WTlHz</a> <a href="https://t.co/pvEGrWxvT9" rel="noopener noreferrer nofollow">pic.twitter.com/pvEGrWxvT9</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1816313465935651213?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 25, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Additionally, the market has seen a spike in liquidations, especially of long positions, as evidenced by trading data from HyblockCapital’s heatmaps.
<figure id="attachment_83998" aria-describedby="caption-attachment-83998" style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-83998" src="https://www.ethnews.com/wp-content/uploads/2024/07/new-plot.png" alt="new-plot" width="1700" height="786">
 <figcaption id="caption-attachment-83998" class="wp-caption-text">
 Source: HyblockCapital
 </figcaption>
</figure>
 The data showed a significant increase in liquidations as Ethereum’s price fell below various support levels, particularly dropping below $3,300 in one trading session.&nbsp;
This activity highlights the market’s volatility and the immediate impact of <a href="https://www.ethnews.com/ethereum-etf-custody-risks-experts-express-concerns-over-single-custodian-strategy/" rel="noopener noreferrer nofollow">financial developments</a> such as the introduction of an ETF.
The post <a href="https://www.ethnews.com/whales-react-to-ethereum-etf-launch-massive-eth-movements-unveiled/" rel="noopener noreferrer nofollow">Whales React to Ethereum ETF Launch: Massive ETH Movements Unveiled!</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Whales React to Ethereum ETF Launch: Massive ETH Movements Unveiled!

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