Key Insights:
- Ethereum price shows bullish divergence, as the RSI makes a higher low while the price drops.
- A whale dumped $45 million in ETH while Vitalik Buterin sold $21 million, creating selling pressure.
- BitMine loaded 4.4 million ETH as traditional ETFs posted their fifth straight week of outflows.
Ethereum price sits at a crossroads, testing $1,830 as two completely opposing forces battle for control. Charts show a bullish divergence pattern that typically signals reversals, but whales are dumping millions.
The $1,811 support level decides everything. A break below it targets $1,500, whereas holding above could trigger a bounce toward $2,000.
Bullish Divergence Meets $45M Whale Dump
The 12-hour chart painted an interesting picture between Jan. 25 and Feb. 24. Ethereum price made a lower low, repeatedly testing support. However, the Relative Strength Index (RSI) made a higher low during the same period. That creates bullish divergence. Except whales aren’t following the script.
A major address ending in 0xead dumped 24,000 ETH worth roughly $45 million at an average price of around $1,883. Some of that selling happened in a 30-minute burst. Another dormant whale woke up, moving 6,983 ETH, worth $13.5 million, to Kraken after sitting still for over 2 years. Coins to exchanges usually means selling coins.
Then there’s Vitalik Buterin. Ethereum’s co-founder sold 1,869 ETH worth $3.67 million over the past two days. His February total hit between 8,800 and 10,700 ETH, valued from $16 million to $21 million.
The bullish divergence on the charts suggests a potential reversal. Whale behavior suggests they don’t believe it yet.
BitMine Loads Up While ETFs See 5-Week Outflows
BitMine Immersion Technologies took the opposite side of this trade. Their Ethereum price holdings reached 4.423 million ETH, representing about 3.66% of the total supply. That’s billions of dollars at current prices.
They have 3.04 million ETH staked, generating approximately $171 million in annualized yield. Recent additions included a $98 million purchase last week. The company is targeting 5% of the total Ethereum supply under its “Alchemy” acquisition goal.
Traditional finance institutions tell a different story. Ethereum ETFs just posted their fifth consecutive week of net outflows. Money is steadily leaving these regulated investment products. Spot Ethereum ETFs were supposed to bring Wall Street into crypto. Instead, Wall Street is walking out.
Five weeks straight of negative flows show this isn’t random profit-taking. It’s sustained selling pressure from traditional institutional allocators.
On-chain metrics support the accumulation story instead. New wallets received $490 million in Ethereum at 2.4 times normal rates. Whale inflows hit $39 million, 30 times the average. Top profit-and-loss wallets added $47 million. But ETF outflows and major whale selling create enough pressure to keep ETH price pinned down.
Ethereum Price Faces Make-or-Break at $1,811
Everything hinges on $1,811. That support level needs to hold for bullish divergence to work. The current Ethereum price, around $1,830, sits just above that trigger.
A daily close below $1,811 would invalidate the divergence pattern. Next support comes at $1,500. That’s roughly 18% additional downside from current levels.
The worst-case scenario sees whales keep selling, ETFs keep bleeding, and no buyers step up until $1,500 forces capitulation.
The bullish case requires holding $1,811, then breaking back above $2,000. That psychological level marks recent consolidation highs. Reclaiming it would signal a complete reversal. From there, Ethereum price could target $2,167 as the next technical resistance.