10x Research: ETH falls below short- and medium-term moving averages, ETF sees net outflow of over $1.4 billion in a single week

According to ChainCatcher, analysis by 10x Research shows that ETH has now fallen below its 7-day and 30-day moving averages, with a bearish technical pattern and a decline of 6.6% over the past week. Meanwhile, ETH ETF has seen net outflows exceeding 1.4 billions USD, and long-term holders of 3-10 years on-chain are selling at the fastest pace since 2021, creating additional supply pressure.

Despite the intensified selling pressure, large addresses have been accumulating ETH during the decline, with several whales collectively purchasing ETH worth over 1 billion USD.