Ethereum has seen some sideways movement this week, helping the altcoin break out of a nearly three-week-long downtrend. Despite facing bearish cues, including whale selling, Ethereum’s price has managed to hold steady. 

This stability is raising expectations of an upcoming breakout, potentially setting the stage for a rise.

Ethereum Whales Move To Sell

Whale addresses are exhibiting bearish sentiment at the moment, as several large holders have started to liquidate their positions.

In the last 48 hours, addresses holding between 1 million and 10 million ETH sold over 1.06 million ETH worth approximately $2.57 billion. 

Whale selling typically exerts downward pressure on the price, signaling potential bearishness. However, in this case, Ethereum’s price has continued to sustain itself, which indicates market resilience.

Looking at Ethereum’s macro momentum, the IOMAP (In/Out of the Money Around Price) chart reveals a significant demand zone for ETH. The zone holds 65.83 million ETH, valued at over $159 billion. 

These holdings were bought between the $2,349 and $2,421 range, establishing a strong support area.

The large number of investors who purchased ETH in