Ether (ETH) price closed below $3,000 on Tuesday, but whales and institutional investors bought over $130 million in Ether, signaling confidence. Despite a 7.83% drop to $2,938, onchain data shows ETH accumulation. BitMine added 92,511 ETH in January, valued at $268 million, aiming to become a top staking entity generating millions annually.

BlackRock transferred 30,828 ETH worth $91 million to Coinbase Prime, raising concerns over sell-side volatility. From a technical perspective, ETH broke below $3,000, signaling downside liquidity focus. $287 million in leveraged positions were liquidated, with longs accounting for $257 million. Retail traders are mostly long, suggesting potential price reversal.

ETH’s longer-term chart shifted bearish below $3,000, signaling trend continuation to the downside. The breakdown coincided with a bearish break of structure, with ETH potentially testing liquidity zones around $2,718 and $2,620. Retail traders are mostly long, indicating a potential price reversal near key swing lows.

Read more at Cointelegraph: ETH Dip Buyers Absorb $130M Ether, But Risk Of $2.7K Drop Remains