Important collection restaurants
A 200.5k Ethereum inflow to exchange on 1 August, because the price fell below the $ 3,550 point, did not good for ETH bulls in the short term. Will the price dip continue and how deep can it go?
Ethereum [ETH] traded under the level of $ 3,550 that has followed as support since 18 July.
The Altcoin had formed a short -term range that achieved from $ 3,550 to $ 3,860. The descent under the short -term support meant that a move to $ 3.2k or even $ 3K was possible.
Whale and insider movements contribute to Beerarish
In one Post on X” Lookonchain It revealed that a whale 26,182 ETH had deposited in 48 hours of popular centralized fairs, including Binance and Kraken.
The timing of this inflow suggests a potential sales pressure structure.
Lookonchain also noted that Bitmex co-founder Arthur Hayes had SOLD 2,373 ETHworth $ 8.32 million.
He also sold 7.76 million Ethena [ENA] worth $ 4.62 million, with the assumption of Bullish conviction of large Ena holders being questioned.
Add to the Bearish Trend, Coinyze Data showed that open interest (OI) had fallen by 5.47%in the last 24 hours.
The financing figure was still positive, but the falling OI and the prize showed a dominant bearish sentiment.
August starts with heavy Ethereum outflows
According to Cryptoquant, the 7 -day average of Ethereum Exchange Netflows remained negative in July, and printed -16.644 ETH at the time of the press. This indicates consistent accumulation.
On August 1, however, 200,573 saw Ethereum flows into fairs. This was a sign of potential sales, especially in combination with intense chain activity. However, the current of one day cannot decide on the price trend.
Price objectives and structure Flip
Source: ETH/USDT on TradingView
The market structure can give a better idea of the prevailing trend. At the time of the press, the Awesome oscillator of the 12-hour timetable fell below zero in the most recent trade session.
What is even more important, Ethereum had fallen low (orange) at $ 3,550.
The real value gap (white) at $ 3.2k, and the support of earlier in July for $ 2,936, were the following goals for ETH. The advancing average of 50 years (green) has served dynamic support in recent hours.
The failure would make the Bearish case stronger.