Ethereum remains under heavy selling pressure, although it has recovered about 5% after falling to a multi-year low of just above $1,500.
The market is still facing risks as many large investors, known as whales, continue to sell their ETH. One positive development, however, is the return of SharpLink, which has resumed buying Ethereum after several months.
Whales Sell $880 Million in ETH
Crypto analyst Ali Martinez said Ethereum whales sold around 550,000 ETH over the past week, worth about $880 million. This large sell-off increased the supply of ETH in the market, adding more pressure on the price.
According to Martinez, the heavy selling was one of the main reasons Ethereum fell below its key support level of $1,633. Selling by spot Ethereum ETF investors also added to the pressure. During the same week, ETF investors sold more than $270 million worth of ETH as the cryptocurrency dropped toward $1,500, its lowest level in more than a year.
Martinez also highlighted $1,583 as an important support level based on URPD data. If Ethereum falls below that price, it could trigger more liquidations and lead to further losses.
He warned that if the bearish trend continues, ETH could decline to a new cycle low between $1,237 and $1,089.
Corporate Buyers Continue Accumulating
Despite the selling pressure, some major corporate investors are continuing to buy Ethereum.
Bitmine has kept accumulating ETH throughout the market downturn. Meanwhile, SharpLink has returned to buying after an eight-month pause.
The company, chaired by Joe Lubin, made its first ETH purchase on Friday and has continued adding to its holdings. According to Lookonchain, SharpLink bought another 29,196 ETH worth about $46.7 million, bringing its total purchases over the past three days to more than $62 million.
