Where Does Ethereum Whale Accumulation Stand As Price Dips Below $3,000?

Core Insights - Ethereum is experiencing renewed bearish pressure, with its price declining due to a halt in whale accumulation, which has weakened market support during unfavorable broader conditions [1][2][3] Whale Accumulation - Whale addresses holding between 1 million and 10 million ETH have paused their aggressive accumulation, indicating a loss of confidence in Ethereum's near-term recovery [2][3] - The absence of sustained buying from whales creates additional vulnerability for Ethereum, as whale accumulation is often a key driver of upside momentum [3] Market Indicators - The MVRV Long/Short Difference has fallen to a four-month low, indicating growing strain among both long-term and short-term holders, suggesting reduced conviction in Ethereum's ability to rebound quickly [4][5] - The decline in the MVRV metric indicates that long-term holders are losing profitability, which could trigger selling pressure as they seek to protect remaining gains [5] Price Movement - Ethereum's price has dropped 7.4% in the past 24 hours, currently trading at $2,801, having fallen below $3,000 for the first time in over four months [6][7] - The loss of the $2,814 support level sets the next downside target at $2,681, with a potential further decline to $2,606 if this level is breached [7] Recovery Potential - If market conditions improve and long-term holders refrain from selling, Ethereum could attempt a recovery, with a rebound toward $3,000 being the first sign of strength [8] - A break above the $3,000 barrier could push ETH to $3,131 or higher, potentially restoring confidence and invalidating the current bearish outlook [8]