10x Research: ETH breaks below short and medium-term moving averages, ETF net outflow exceeds $1.4 billion in a single week

According to 10x Research analysis, ETH has now fallen below the 7-day and 30-day moving averages, with a bearish technical pattern, and a decline of 6.6% over the past week. Meanwhile, ETH ETFs have seen a net outflow of over $1.4 billion, and on-chain long-term holders (3-10 years) are selling at the fastest pace since 2021, creating additional supply pressure.

Despite the increased selling pressure, large addresses have been accumulating ETH during the downturn, with multiple whales having collectively purchased over one billion dollars' worth of ETH.