Ethereum Stuck at $1,915 as Whales Sell Off Holdings
Ethereum's price has been stuck below $2,000 for a month, despite showing a 6% monthly uptick. The cryptocurrency is trading within a rising channel, but capital inflows and decreased trading activity have left it structurally supported yet tactically fragile.
According to Dune Analytics, Ethereum's monthly DEX volume fell by about 42% from April to July, while the total value locked (TVL) in DeFi apps rose by around 7.8% to near $42 billion, with staking accounting for a record 33.98% of supply.
The demand driving Ethereum's price is thinning, and whales are selling off their holdings. The biggest wallets have seen a decline in buying volume since July 14, while selling pressure has surged since August 6. This loss of momentum could lead to rallies losing steam and the price stalling at one exact level.
The key level that Ethereum's price is stuck on is $1,915, having been rejected seven times since July 31. A daily close above this level would open up the possibility of a move towards $1,978, while a loss of this immediate floor could change the equation quickly and expose $1,843 and $1,811.