10x Research: ETH falls below short- and medium-term moving averages; ETFs see net outflows exceeding $1.4 billion in a single week.

According to 10x Research, ETH has fallen below its 7-day and 30-day moving averages, indicating a bearish technical outlook, with a 6.6% drop in the past week. Meanwhile, the ETH ETF has seen a net outflow of over $1.4 billion, with long-term holders of 3-10 years on-chain selling at the fastest pace since 2021, creating additional supply pressure.

Despite increased selling pressure, large addresses reversed course and bought ETH during the decline, with several whales cumulatively purchasing over one billion US dollars worth of ETH.