What to Know:
- Ethereum whales moved 226,435 ETH worth $430 million, reducing whale-held balances while highlighting intensified on-chain activity across major wallets.
- Ali Charts identified $1,733 as Ethereum’s critical support, while technical indicators remained broadly constructive despite increased whale transfers.
- TradingView data showed Ethereum holding above its middle Bollinger Band as RSI stayed above neutral levels, supporting buyer resilience cautiously.
Ethereum whales moved approximately $430 million worth of ETH within 24 hours, drawing market attention to one of the largest recent shifts in large-holder activity. According to crypto analyst Ali Charts, whales sold or redistributed 226,435 ETH while Santiment data showed a noticeable decline in whale-held balances.
Besides highlighting the large transfer, the analyst identified $1,733 as a critical support level that could influence Ethereum’s short-term market structure. Data shared by Ali Charts showed whale holdings increased steadily between July 24 and July 27 before reversing sharply on July 28.
Large holders accumulated ETH from roughly 26.64 million coins to nearly 26.92 million coins before their combined balances dropped to about 26.70 million ETH. That decline closely matched the reported movement of 226,435 ETH, reinforcing the scale of the latest on-chain activity.
Although blockchain data confirms the transfers, it cannot determine whether the assets were sold or simply moved between wallets. Consequently, the transactions may represent exchange deposits, institutional portfolio adjustments, over-the-counter settlements, staking transfers, or internal wallet reorganizations.
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Whale activity places key support level under scrutiny
According to Ali Charts, the latest decline in whale balances ranks among the largest increases in Ethereum whale activity recorded in recent weeks. Moreover, the analyst emphasized that $1,733 remains the most important support level for Ethereum’s current bullish structure.
Holding above that level could preserve positive market momentum, whereas losing the support may weaken buyer confidence and increase the probability of additional downside pressure.
Ethereum’s daily TradingView chart showed the asset trading near $1,917 while remaining above the middle Bollinger Band around $1,873. Meanwhile, the upper Bollinger Band stood near $1,973, indicating that the price remained within the upper half of its recent trading range.
Source: Tradingview
Additionally, the Relative Strength Index hovered near 58, remaining above the neutral 50 level despite easing slightly below its signal line. The chart also displayed a pattern of higher lows throughout July, suggesting buyers still maintain control of the broader recovery despite increased whale activity.
According to Ali Charts, Ethereum’s latest whale movement combines significant on-chain activity with an important technical setup. While the transfer of 226,435 ETH signals heightened activity among major holders, Ethereum’s ability to remain above the $1,733 support and maintain its current technical structure will likely shape its next market direction.
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