Ethereum price has risen by a fraction of a percentage over the past 24 hours to trade at $2,940.22 as of 12:56 a.m. EST, with trading volume down 43% to $12.5 billion.
This ETH is under heavy selling pressure after BlackRock deposited approximately 2,292 BTC ($199.8 million) and 9,976 ETH ($29.23 million) into Coinbase Prime, according to Arkham data cited by Lookonchain.
BlackRock just deposited 2,292 $BTC($199.8 million) and 9,976 $ETH($29.23 million) to Coinbase Prime.https://t.co/qmuDIrPHc6 pic.twitter.com/Fc578xdurz
— Lookonchain (@lookonchain) December 24, 2025
This move has led to bearish pressure, as moving tokens to an exchange is usually a prerequisite for selling.
In a similar move, Arthur Hayes, co-founder of BitMEX, deposited 682 ETH ($2 million) into Binance, a move that was followed by its sale. According to data from Arkham Intelligence, as shown by Lookonchain on
Arthur Hayes (@CryptoHayes) just deposited another 682 $ETH($2M) in #Binance to sell and rotate high quality DeFi tokens.
Last week he sold a total of 1,871 $ETH($5.53 million) and bought 1.22 million $ THIS($257.5K), 137,117 $SHUTTLE($259,000) and 132,730 $THIP($93K).… pic.twitter.com/2mddOY3H1t
— Lookonchain (@lookonchain) December 24, 2025
Hayes had done that before said that “we are moving away from $ETH to high-quality DeFi names, which we believe can outperform as fiat liquidity improves.”
While these whales are being sold, Tom Lee’s BitMine, the world’s largest corporate holder of Ethereum, has bought another $201 million. The company now has approximately 4.07 million ETH on its balance sheet, which is now worth approximately $11.97 billion.
The purchase is part of the company’s goal to own 5% of the total supply of ETH, which now stands at 3.36% of the altcoin king.
Ethereum price is facing bearish pressure as indicators show uncertainty
After a successful rise from the $2,174 support area in July, the ETH price rose to an all-time high of about $4,900.
However, the bulls failed to sustain this high as investors began booking gains in this area, with Ethereum price falling through a continued descending channel pattern.
This bearish pressure was further amplified by a death cross that formed around $3,547, pushing the 200-day Simple Moving Average (SMA) above the 50-day SMA. ETH is now consistently trading below both SMAs, putting pressure on the assets.
Meanwhile, the Relative Strength Index (RSI) is trading in the low to mid 40s, which puts ETH at an equilibrium, a signal that bears and bulls are in a battle for dominance at this level.
However, the Moving Average Convergence Divergence (MACD) indicator has created some uncertainty in this zone after the blue MACD line crossed above the orange signal line. The green bars have narrowed, indicating weak momentum, despite the MACD line showing a positive outlook.
Based on the ETH/USD chart analysis of the daily time frame, ETH price is currently at a crossroads, a signal that investors should be cautious.
If Ethereum price breaks the Fibonacci Retracement level of 0.786 at $2,762, the next major support and a buffer against downside pressure will be in the 1 Fib zone ($2,174).
Conversely, if the bulls count on the formation of a positive MACD indicator, the price of ETH could rise to the upper limit of the descending channel at $3,397. Continued bullish pressure could then push Ethereum towards the next resistance within the 200-day SMA at $3,582.
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