Summary: $93M in ETH sold! – Ethereum’s next move hinges on THIS support

Ethereum finds itself at a pivotal juncture, grappling with significant market volatility sparked by substantial whale movements and weakening technical indicators. The coming days could dictate ETH's short-term trajectory as key support levels face immense pressure. Recent data reveals a concerning trend of major Ethereum holders, or "whales," offloading over $93 million worth of ETH onto centralized exchanges within just 48 hours. This coordinated sell-off aligns with a "Taker Sell Dominant" environment, where sellers are outstripping buyers. Adding to the bearish sentiment, Ethereum's futures market is showing "overheating" signals, indicating high leverage concentrated around the $3,400-$3,500 price range. This combination of increased spot selling and excessive leverage creates a precarious situation, as any significant price dip could trigger a cascade of liquidations, intensifying downward pressure. Despite these mounting bearish indicators, over 92% of Ethereum wallets remain in profit, offering a thin buffer against immediate capitulation. However, this cushion could quickly erode if ETH fails to hold its crucial support zone between $3,458 and $3,490. This range previously served as a strong reversal point, but current technical analysis paints a more pessimistic picture. The daily MACD indicator has flipped bearish, signaling a decline in upward momentum. This divergence—price attempting to hold support while momentum wanes—creates an unstable setup, making the $3,458-$3,490 zone a vital battleground. A decisive break below it, compounded by continued whale dumping and overheated futures, could open the door for a sharper decline towards $2,906. Monitoring this pivotal level is key for short-term direction.