Ethereum absorbed meaningful selling pressure from multiple fronts, yet price action remained surprisingly resilient.
Over the past three days, U.S. spot ETH ETFs recorded approximately $19.4 million in net outflows. At the same time, a large holder distributed 7,621 ETH, valued at nearly $24 million, around the $3,130 level. Under normal circumstances, that combination of ETF selling and whale supply would be enough to trigger a sharper downside move, especially in a cautious market environment.
Instead, Ethereum traded calmly, as if buyers were prepared for the incoming supply.
Despite negative short-term readings in both spot and futures flows, downside follow-through remained limited. Price hovered near Ethereum’s realized level, signaling that sell pressure was being actively absorbed rather than accelerating bearish momentum.
Demand Quietly Absorbs the Supply
ETF outflows appeared orderly rather than panic-driven, suggesting portfolio rotation instead of broad risk-off behavior. Whale transfers added visible supply, but the market response was controlled, reinforcing the idea that demand was waiting in that price zone.
Data from CoinGlass showed Ethereum continuing to record net outflows from exchanges, even amid selling. This behavior reduced the likelihood of liquidation-driven cascades and helped stabilize price action around the realized level. The market entered a state where selling consistently met willing buyers.
Realized Price Continues to Matter
Historically, Ethereum’s realized price has acted as a key pivot during major cycle transitions. In prior instances, sustained holding above this level preceded periods of volatility expansion and upside continuation.
Current price behavior mirrors that pattern. Ethereum stabilized first, volatility compressed, and directional resolution now depends on whether absorption continues. If realized price support remains intact while supply pressure fades, the market often transitions from distribution into accumulation. If it fails, price typically seeks lower demand zones.
Structure Tightens as Momentum Builds
Since the decline toward $2,632, Ethereum has maintained a constructive structure defined by higher lows and higher highs. Relative Strength Index readings in the low 40s align with consolidation rather than a decisive breakdown.
On the MACD indicator, the faster line is approaching the signal line. Bulls will want to see a crossover soon to avoid further downside drift. Ascending support remains the key technical reference. A successful bounce keeps $3,600 within reach. A breakdown below $2,973 weakens the structure and raises the probability of a deeper retracement toward the 50 percent Fibonacci zone, where buyers previously stepped in.
Final Thoughts on Ethereum
The realized price remains the central battleground, determining whether absorption holds or sellers regain control. Momentum indicators are compressing, and structure is tightening. The next expansion will be dictated by whether buyers continue to defend key support levels or step aside.
