Ethereum price tests $2,444 support level amid whale activity

Ethereum (ETH) is currently testing a significant price floor at $2,444, a level that has historically reversed downward trends 14 times since late October 2024. The asset has seen a decline of approximately 9% this month, recently trading near $2,435.

Despite the bearish momentum indicated by a Relative Strength Index (RSI) of 42, large-scale holders, known as whales, have been active. Recent data shows approximately $60.68 million worth of ETH (24,454 ETH) being withdrawn from exchanges such as Binance and Kraken for purposes including staking and lending on platforms like Aave. Total exchange outflows exceeded $365 million over a 12-hour period, suggesting a reduction in immediate selling pressure.

Market analysts are watching for a daily close above the $2,572 resistance ceiling or below the $2,444 support floor to determine the next price direction. A break below the current floor could lead to a further drop toward $2,363.