ETH Support at $2,750 Tested by Whale Buying, ETF Outflows
Ethereum is testing a critical support zone at $2,750–$2,900. A Bitmine-linked whale added 21,537 ETH (~$59.2 million) around $2,750, boosting its holdings to 3.5 million ETH. At the same time, Ethereum ETFs recorded roughly $500 million in net outflows amid price weakness, highlighting diverging institutional flows.
Open interest remains steady at $15.46 billion and funding rates are slightly positive, indicating sustained long positioning. Analysts warn that a break below the $2,750 level could trigger liquidations and push ETH down to $2,400 or even $1,700. Conversely, Tom Lee’s ETH/BTC-based valuation model places fair value between $12,000 and $62,500, underscoring long-term bullish potential. Traders are closely watching this inflection zone to gauge short-term risks and validate upside scenarios.
Neutral
This news delivers mixed signals: the whale’s substantial buy at a key $2,750 support level suggests growing confidence and a possible rebound, while significant ETF outflows and the threat of cascade liquidations if the level breaks add downside risk. Steady open interest and positive funding rates reflect ongoing long interest, yet a breach of the zone could prompt rapid declines. The balance of bullish accumulation and bearish pressure yields a neutral short- to medium-term outlook for ETH.