Ethereum continues to trade under severe pressure, although it managed to recover around around 5% from its recent multi-year low at just over $1,500.

The threat remains since many of the major investors in its ecosystem continue to offload. The only positive change in the past few weeks has been the return of SharpLink.

Whales Dump

Data shared by popular analyst Ali Martinez shows that these large market participants have disposed of $880 million worth of the largest altcoin in the span of just one week. From an Ethereum perspective, this means a massive dump of 550,000 ETH, which, according to him, means a substantial $880 million injection in “sell-side supply into the market.”

He added that this heavy selling volume is among the reasons behind the asset’s drop below its first immediate support at $1,633. The other could be the behavior of ETF investors. As reported earlier this weekend, those gaining exposure to Ethereum through the exchange-traded funds sold over $270 million during the week, as ETH dropped toward $1,500 for the first time in over a year.

Citing URPD data, Martinez outlined the significance of the $1,583 level as a critical volume support. If ETH breaks below it, it would open a “clear path for extended liquidations.” He doubled down that Ethereum’s asset risks falling to a new cycle low of somewhere between $1,237 and $1,089.

Fellow analyst Ted Pillows commented that ETH remains stuck between key support (at $1,500) and resistance (at $1,700). A breakout above the latter would be “what bulls need,” while a potential decisive drop below $1,500 is “what bears are pushing for a new cycle low.”

Who Is Buying

On the flipside, the two largest corporate holders of Ethereum are accumulating. While this is not really a surprise for Bitmine, which has been buying consistently even through the bear market, the return of SharpLink made the headlines over the week.

The Joe Lubin-chaired firm made its first ETH buy in eight months on Friday and has only doubled down since then. Lookonchain noted earlier today that the company accumulated another 29,196 ETH for $46.7 million. Thus, it has acquired over $62 million worth of ETH in the past three days alone.

Source: CryptoPotato