Whale Activity and Sell Pressure Create Ethereum Price Strain

Whale 0x7055 continues accumulating ETH aggressively, yet Ethereum struggles to maintain support under intense taker sell pressure.

Ethereum faced escalating sell-offs from June 18 to 21, with a record $321M taker sell volume causing a sharp drop to $2,420.

Technical patterns show taker sell volume spikes triggered price declines, overpowering bullish whale accumulation trends.

A whale wallet address, 0x7055, made bold Ethereum moves in recent days. According to Lookonchain, the whale borrowed $10 million in USDC from Aave to purchase 4,170 ETH at $2,400. This follows a much larger move on June 12, when the same wallet spent $86.79 million in USDC to acquire 31,458 ETH at an average price of $2,759. Despite this accumulation, Ethereum has struggled to hold support amid mounting sell pressure across exchanges.

Taker Sell Volume Spikes Spark Downward Momentum

Ethereum faced heavy selling pressure between June 18 and 21, impacting its price action. On June 18, the cryptocurrency opened around $2,540 and moved in a tight range. Taker sell volume remained low, staying below 25 million, with no major disruptions during the early session.

Source: Maartunn

However, June 19 started elevated sell activity. Sell volume jumped to 75 million as Ethereum dropped toward $2,500. This created a bearish shift in sentiment. Despite attempts at recovery, ETH hovered between $2,500 and $2,520 through the day, showing weakness under sustained pressure.

June 20 saw Ethereum reach a cycle high near $2,560. Interestingly, taker sell volume rose to 50 million during this uptrend. Consequently, traders began to offload holdings, locking in profits as prices peaked. This resistance triggered another sell wave. ETH soon reversed and dropped to $2,480 by the session’s end.

Cycle Low Hits as Selling Climaxes

By June 21, bearish momentum remained intact. Taker sell volume stayed above 25 million as Ethereum traded between $2,480 and $2,500. Later in the day, selling surged to record levels. A massive 321.3 million in taker sell volume flooded the market in just one minute.

This intense spike caused ETH to crash to $2,420, its lowest point during the period. Hence, previous support zones failed to hold. The decline was sharp and decisive. Moreover, technical data shows a link between volume spikes and price drops. Elevated taker sell volume often preceded downward movements. This behavior suggests whales and traders responded to price highs with aggressive sell-offs.

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