Large Ethereum spot orders have returned, with the Spot Average Order Size metric showing “Big Whale Orders” again as ETH traded near $2.4K. This marks the first such occurrence since mid-August, according to CryptoQuant data cited by AMBCrypto.
The return of whale-sized orders follows earlier periods of elevated large-order activity in February and March, and again in June during a price bottom. In both prior instances, the price recovered soon after. However, the data does not indicate whether the large orders are buys or sells, so the signal is not definitive.
Futures Market Shows Sell Dominance
The futures market presents a less optimistic picture. The Futures Taker CVD has been sell-dominant since earlier this month, a red stretch that had not occurred at any point this year until now. In January and from late April to May, the same metric leaned firmly toward the buy side while ETH slipped on the charts.
Spot retail activity has remained neutral throughout the year, including during August’s rally, leaving regular traders largely on the sidelines.
Technical Indicators Suggest Slowing Sell Pressure
At the time of writing, Ethereum was valued at $2,433, up 1.5% over the day, after briefly hitting $2,476. The RSI stood at 42.6, having just crossed above its signal line at 39.4—a move not seen since the drop earlier in the month. The Chaikin Money Flow (CMF) was negative at -0.07, but had climbed back from -0.17 on the 14th, indicating that sell pressure may be slowing.
ETH still has a long way to go, with $2,500 seen as the first real test.
