Ethereum Whales Sell Off, Pressure Mounts on Price
Key Takeaways
- Over 760,000 ETH have been sold by large investors in the past two weeks.
- Whale activity has declined by 63.8% since the end of February.
- Ethereum shows signs of a short-term correction, despite a potential double bottom at USD 1,800.
- On-chain data indicates declining user activity and increasing selling pressure.
- Resistance zones between USD 1,900 and USD 1,950 are hindering a recovery.
Whales Pull Back – Selling Pressure Increases
In the past two weeks, large investors (whales) have sold over 760,000 Ethereum (ETH). This marks a significant drop in market support from capital-strong players. Since February 25, the number of large transactions has decreased by 63.8%. This trend suggests declining confidence among institutional and high-net-worth investors.
A long-term ETH holder recently sold the last 2,001 ETH from their portfolio for approximately USD 3.82 million. These were originally acquired in 2017 at a price of USD 277 per ETH. Such sales may indicate strategic reallocations or a cautious market sentiment.
Technical Analysis: Double Bottom at USD 1,800?
At the time of analysis, the ETH price stood at USD 1,863.12 – a slight increase of 0.53% over 24 hours. From a technical standpoint, a so-called double bottom may be forming. This pattern typically occurs at support levels and signals a possible trend reversal.
However, Ethereum is currently trading below key resistance zones at USD 2,116.59 and USD 2,545.80. A sustained breakout above these levels would be needed to confirm a true recovery. Until then, the upward movement remains fragile.
Liquidations Hamper Recovery
A look at liquidation data from Binance shows that many leveraged positions were closed in the USD 1,900 to USD 1,950 range. This indicates high activity from traders who were forced to close their positions. Such liquidation zones often act as short-term resistance, deterring buyers and increasing volatility.
So far, Ethereum has not managed to sustainably move above this zone. Without stronger demand, bears (sellers) could regain control.
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On-Chain Data Shows Declining Usage
Network activity on Ethereum is decreasing. New wallet addresses dropped by 10.41% over the past week, while active addresses fell by 8.25%. At the same time, the number of zero-balance wallets increased by 26.16%. This suggests that many users have sold their ETH or abandoned their wallets.
This development weakens the fundamental demand for Ethereum. A shrinking user base can undermine market stability and increase selling pressure.
More Ethereum on Exchanges – Selling Readiness Grows
ETH balances on centralized exchanges rose by 0.77% to USD 33.98 billion within 24 hours. Such increases typically signal that more investors are prepared to sell rather than hold their coins long-term.
Combined with declining whale activity and reduced network participation, this points to a possible continuation of the downtrend. Without a noticeable increase in demand, the risk of further price losses remains.
Our Assessment
Ethereum is currently under pressure. The retreat of major market players, declining user numbers, and rising exchange reserves indicate a period of heightened uncertainty. While the potential double bottom at USD 1,800 could offer short-term stability, the recovery potential remains limited without clear signals from buyers.
If you are invested in Ethereum or considering entering the market, you should monitor the coming days closely. Especially important: price action around the resistance levels at USD 1,900 and USD 2,100, as well as the activity of large market participants.
Sources
- TradingView
- Coinglass
- IntoTheBlock
- CryptoQuant
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $1,818.59 |
| 24h % | -3.29 % |
| 7d % | -10.25 % |
| 30d % | -13.33 % |
| 60d % | -41.51 % |
| 1y % | -45.70 % |
| Market Cap | $219,439,570,021.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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