Ethereum Faces Selling Pressure as Whales Offload 760,000 ETH

Ethereum is experiencing significant challenges, driven by:

Whales sold approximately 760,000 ETH in two weeks, contributing to price weakness.
The number of large ETH transactions has decreased by 63.8% since February 25, indicating reduced whale activity.
The ETH/BTC ratio has fallen to 0.022, its lowest since December 2020, down 73% from its peak of 0.085 in September 2022.
Currently priced at $1,880, Ethereum has declined 9% over the past week and 62% from its all-time high of $4,890 in November 2021.
In contrast, Bitcoin has seen only a 10% decline year-to-date (YTD) while Ethereum's YTD drop stands at 46%.
Ethereum's share of total value locked (TVL) in DeFi is now 52.76%, down from 61.64% in February 2024, as liquidity shifts to other blockchains like Solana.
Technical indicators show ETH trading below its 20-day EMA of $1,963, suggesting continued bearish momentum.
The relative strength index (RSI) for ETH is at 40.73, indicating increasing selling pressure.

Source: TradingView