A significant whale movement occurred as Satofashi (Chun Wang) transferred 16,842 ETH worth $26.87 million from their wallet. According to Lookonchain data, this whale had accumulated 91,945 ETH worth $159.9 million during late May and June when ETH traded around $2,100 with an average purchase price of $1,749. The transfer to an exchange does not necessarily indicate an imminent sale, as the funds could be used for collateral or capital rotation. If the holdings were sold, the whale would realize a loss of about $2.66 million, though most of the wallet's ETH remained untouched, suggesting repositioning rather than a full exit.
At the time of writing, Ethereum [ETH] traded at $1,622, up 2.8% over the past 24 hours. According to reports from AMBCrypto, Ethereum has traded within a narrow range since falling to $1,510, hovering around $1,600 over the past week. The muted price action prompted some investors to reduce exposure, while others waited for a clearer trend. Despite persistent market weakness, Ethereum continued holding around the $1,600 level, with the reported whale transfer having little immediate impact on price.
Despite market weakness, technical indicators showed signs of improvement. As reported by AMBCrypto, the MACD remained below zero but formed a bullish crossover, rising to -64, suggesting bearish momentum continued easing. The BvB indicator also turned positive for two consecutive days after remaining negative for seven straight sessions. These improving indicators pointed to gradually improving momentum rather than a confirmed bullish reversal. If this trend continues, Ethereum could extend its recovery toward $1,777.
According to CryptoQuant data, Exchange Netflow remained positive over the past two days, with Exchange Netflow standing at 14,000 at press time, indicating more ETH moved onto exchanges than left them. This broader exchange inflow coincided with the whale transfer. While improving momentum indicators contrasted with rising exchange inflows, sustained exchange inflows, particularly from large holders, could increase selling pressure and expose the $1,500 support again, leaving ETH at a key decision point.
