Ethereum – 3 signs suggest ETH prices could dive to $3.2K

Key TakeawaysA 200.5K Ethereum inflow to exchanges on the 1st of August, as the price fell below the $3,550 mark, did not bode well for ETH bulls in the short term. Will the price dip continue, and how deep could it go?Ethereum [ETH] was trading below the $3,550 level that has acted as a support since the 18th of July.The altcoin had formed a short-term range that reached from $3,550 to $3,860. Its descent below the short-term support meant that a move to $3.2k or even $3k was possible.Whale and insider moves add to bearish pressureIn a post on X, LookonChain revealed that a whale had deposited 26,182 ETH in 48 hours to popular centralized exchanges, including Binance and Kraken.The timing of this inflow suggests potential sell pressure building.Lookonchain also observed that BitMEX co-founder Arthur Hayes had sold 2,373 ETH, worth $8.32 million.He also sold 7.76 million Ethena [ENA] worth $4.62 million, calling into question the assumption of bullish conviction from large ENA holders.Adding to the bearish trend, Coinalyze data showed that Open Interest (OI) was down 5.47%, at press time, in the past 24 hours.The Funding Rate was still positive, but the dropping OI and price showed dominant bearish sentiment.August begins with heavy Ethereum outflowsSource: CryptoQuantAccording to CryptoQuant, the 7-day average of Ethereum Exchange Netflows remained negative throughout July, printing -16,644 ETH at press time. This indicates consistent accumulation.However, the 1st of August saw 200,573 Ethereum flow into exchanges. This was a sign of potential selling, especially when coupled with intense on-chain activity. However, one day’s flow might not decide the price trend.Price targets and structure flipSource: ETH/USDT on TradingViewThe market structure could give a better idea of the prevalent trend. At press time, the 12-hour timeframe’s Awesome Oscillator dipped below zero in the most recent trading session.More importantly, Ethereum had fallen below the range low (orange) at $3,550.The Fair Value Gap (white) at $3.2k, and the support from earlier in July at $2,936, were the next targets for ETH. The 50-period Moving Average (green) has served as a dynamic support in recent hours.Its failure would make the bearish case stronger.