Ethereum faces pressure after BlackRock transfers $29 million in ETH

The price of Ethereum edged up by a fraction of a percentage over the past 24 hours to trade at $2,940.22 as of 12:56 a.m. EST, with trading volume dropping 43% to $12.5 billion.

This ETH is under intense selling pressure after BlackRock deposited approximately 2,292 BTC ($199.8 million) and 9,976 ETH ($29.23 million) on Coinbase Prime, according to Arkham data cited by Lookonchain.

BlackRock just filed 2,292 $BTC($199.8 million) and 9,976 $ETH($29.23 million) at Coinbase Prime. pic.twitter.com/Fc578xdurz

– Lookonchain (@lookonchain) December 24, 2025

The move triggered bearish pressure, as moving tokens to an exchange is primarily a prerequisite for selling.

In a similar move, Arthur Hayes, co-founder of BitMEX, deposited 682 ETH ($2 million) into Binance, a move that was followed by its sale. According to data from Arkham Intelligence, as shown by Lookonchain on X, Hayes sold a total of 1,871 ETH ($5.53 million) and purchased ENA, PENDLE, and ETHFI.

Arthur Hayes(@CryptoHayes) has just filed 682 more $ETH($2 million) in #Binance to sell and transform into high-quality DeFi tokens.

Over the past week, he has sold a total of 1,871 $ETH($5.53 million), and purchased 1.22 million $ENA($257.5,000), 137,117 $PENDLE($259,000) and 132,730 $ETHFI($93,000).… pic.twitter.com/2mddOY3H1t

– Lookonchain (@lookonchain) December 24, 2025

Hayes had already said “We are moving away from $ETH and toward high-quality DeFi names, which we believe can outperform as fiat liquidity improves.”

As these whales sold, Tom Lee’s BitMine, the world’s largest Ethereum holding company, bought another $201 million. The company now holds approximately 4.07 million ETH on its balance sheet, now worth approximately $11.97 billion.

The purchase is part of the company’s goal to hold 5% of the total ETH supply, which now represents 3.36% of the altcoin king.

Ethereum Price Faces Downward Pressure, As Indicators Show Uncertainty

After a successful rise to the $2,174 support zone in July, the ETH Price surged to an all-time high of around $4,900.

The bulls, however, failed to maintain this high level as investors began to take profits in this area, with the price of Ethereum falling in a sustained downtrend.

This bearish pressure was further reinforced by the formation of a deadly crossover at around $3,547, where the 200-day simple moving average (SMA) crossed above the 50-day SMA. ETH is now consistently trading below both SMAs, putting pressure on the asset.

Meanwhile, the Relative Strength Index (RSI) is trading in the low to mid-40s, putting ETH in equilibrium, a signal that bears and bulls are fighting for dominance at this level.

However, the MACD (Moving Average Convergence Divergence) indicator has created some uncertainty in this area, after the blue MACD line crossed above the orange signal line. The green bars have declined, indicating weak momentum despite the MACD line forming a positive outlook.

Based on ETH/USD chart analysis on the daily timeframe, ETH price is currently at a crossroads, a signal that investors should be careful.

If Ethereum price breaks above the 0.786 Fibonacci retracement level at $2,762, the next major support and cushion against downward pressure lies at the 1 Fib zone ($2,174).

Conversely, if the bulls are banking on the formation of a positive MACD indicator, then ETH price could rise to the upper boundary of the descending channel at $3,397. Sustained upside pressure could then push Ethereum towards the next resistance in the 200-day SMA at $3,582.

Related news:

Best Wallet – Diversify your crypto portfolio

• Easy-to-use, feature-driven crypto wallet
• Get Early Access to Upcoming Token ICOs
• Multi-chain, multi-wallet, non-custodial
• Now on App Store, Google Play
• Stake to win a $BEST native token
• More than 250,000 active users per month