Analysis: ETH breaks below short- and medium-term moving averages, with ETF net outflows exceeding $1.4 billion in a single week

According to 10x Research analysis, ETH has now fallen below the 7-day and 30-day moving averages, with a bearish technical pattern, experiencing a decline of 6.6% over the past week. Meanwhile, ETH ETFs have seen a net outflow of over $1.4 billion, and on-chain long-term holders (3-10 years) are selling at the fastest pace since 2021, creating additional supply pressure.

Despite the increased selling pressure, large addresses have been accumulating during the downturn, with several whales having cumulatively purchased over a billion dollars' worth of ETH.