Ethereum Whales Sell $2.7 Billion: Technical Indicators Signal a Bottom

Over the last two weeks, addresses holding between 100,000 and 1 million ETH have sold a total of 1.43 million ETH.
These massive sales, corresponding to approximately $2.7 billion at current market value, are directly impacting liquidity conditions in the market.
Historically, whale exits are often evaluated as a distribution wave occurring just before market bottoms.
NUPL Indicator Points to Capitulation Net Unrealized Profit and Loss (NUPL) data shows that Ethereum investors are currently in the capitulation zone.
This means the average investor has a significant amount of unrealized loss.
In previous cycles, similar NUPL landscapes have been precursors to major recovery processes.
The capitulation phase is considered a structural turning point where "weak hands" are eliminated and selling pressure is exhausted.
Pi Cycle Divergence and Critical Support Levels On the technical analysis side, the Pi Cycle indicator draws attention to the significant divergence between short-term and long-term moving averages.
It is known that such sharp divergences have frequently coincided with cycle bottoms in the past.
Current data supports the idea that Ethereum may not be at the beginning of a bear market, but rather in a horizontal stabilization phase.
The support level at $1,928 remains critical for the short-term recovery structure to remain intact.
Staying above this level could allow the asset to regain strength as selling pressure in the market decreases.