- Ethereum whales sold 550,000 ETH, increasing market selling pressure significantly this week.
- Ali Martinez identified $1,583 as Ethereum’s most critical remaining support level.
- Santiment data showed whale holdings declined steadily without renewed accumulation signals.
Crypto analyst Ali Martinez has reported that Ethereum whales sold roughly 550,000 ETH worth about $880 million over the past week, increasing selling pressure across the market. According to Martinez, the wave of distribution pushed Ethereum below the $1,633 support level and placed the next major demand zone at $1,583 under close watch.
Data shared by Martinez, citing Santiment, shows whale-held Ethereum declined steadily throughout the week. Wallets tracked by the analytics platform held more than 27.2 million ETH on June 24. By June 28, those balances had fallen to roughly 26.8 million ETH, reflecting sustained selling from some of the network’s largest holders.
Moreover, the decline in whale holdings coincided with Ethereum’s inability to maintain its immediate support. Large investors often influence short-term market direction because their transactions inject significant liquidity into the market. Consequently, continued distribution has strengthened bearish sentiment among traders.
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Whale selling shifts attention to key Ethereum support levels
According to Martinez, Ethereum is now testing a critical support area around $1,583 based on URPD data. He explained that this price zone contains substantial historical trading volume, making it an important level where buyers could attempt to slow the decline.
However, Martinez warned that losing the $1,583 support would leave Ethereum with limited buying interest until much lower levels. He identified $1,237 and $1,089 as the next major demand zones if sellers continue dominating the market.
Additionally, Santiment’s data suggests the most aggressive distribution occurred between June 25 and June 26. Whale balances later stabilized near 26.8 million ETH, although the data has not shown clear evidence of renewed accumulation.
Meanwhile, the slowdown in selling does not necessarily signal a bullish reversal. Instead, it indicates that large holders have paused their distribution while the market evaluates the next support level.
Investors continue monitoring whale wallets because their activity often provides early signals about broader market sentiment. If accumulation returns, Ethereum could stabilize above current levels. Conversely, additional selling from large holders may increase pressure on the support identified by Martinez.
Conclusion
Ethereum remains under pressure as whale wallets continue reducing their exposure. According to Ali Martinez, holding above $1,583 has become increasingly important because a breakdown could shift market attention toward the next major demand zones at $1,237 and $1,089.
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