Main to remember
An influx of Ethereum of 200.5 km at exchanges on August 1, because the price fell below the $ 3,550 mark, does not bode well for the short -term eth bulls. Will prices continue to continue and how depth could it go?
Ethereum (ETH) was negotiated below the level of $ 3,550 which has acted as support since July 18.
The Altcoin had formed a short -term range which went from $ 3,550 to $ 3,860. Its descent below the short -term support meant that a move to $ 3.2,000 or even $ 3,000 was possible.
Whale and initiate movements add to the lower pressure
In an article on X, Lookonchain revealed that a whale had deposited 26,182 ETH in 48 hours at centralized popular exchanges, notably Binance and Kraken.
The time of this influx suggests a potential sales pressure building.
Lookonchain also observed that the co-founder of Bitmex, Arthur Hayes, had sold 2,373 ETH, worth $ 8.32 million.
He also sold 7.76 million ethena (ENA) worth $ 4.62 million, questioning the hypothesis of an increased sentence of great holders of the ENA.
Adding to the downward trend, Coalyze data showed that the open interest (OI) was down 5.47%, at the time of the press, in the last 24 hours.
The funding rate was still positive, but the drop in the OI and the price showed a dominant lowering feeling.
August begins with heavy outings Ethereum
Source: cryptocurrency
According to Cryptochant, the average of 7 days of Ethereum Exchange Netflows remained negative throughout July, printing -16,644 ETH at the time of the press. This indicates a coherent accumulation.
However, August 1 saw 200,573 Ethereum taking place in exchanges. It was a sign of potential sales, especially when associated with intense activity on the chain. However, the flow of a day may not decide the price trend.
Price targets and structure flip
Source: ETH / USDT on tradingView
The market structure could give a better idea of the widespread trend. At the time of the press, the impressive oscillator of the 12 -hour period dropped below zero during the last negotiation session.
Most importantly, Ethereum had fallen below the low beach (orange) at $ 3,550.
The fair (white) gap at $ 3.2,000, and the earlier support in July at $ 2,936, were the next objectives for ETH. The mobile average of 50 periods (green) has served as dynamic support in recent hours.
Its failure would make the case stronger.
