Whales step up selling pressure with 630,000 ETH exodus

Current Ethereum Price: $1,900

• Over the past week, Ethereum exchange reserves have decreased by 270,000 ETH.
• Since February 9, whales have distributed more than 630,000 ETH.
• If ETH recovers the $2,000 psychological barrier, it could escape its week-long period of consolidation.

On Tuesday, Ethereum (ETH) has seen a decline of 1.5%, trading just above $1,900 amid a strong bearish trend reflecting whale supply distribution, exchange reserve levels, and ETF inflows.

Ethereum Whales Reduce Holdings in Bearish Market Environment

According to data, Ethereum exchange reserves have increased by over 100K ETH since the start of the week. For the week overall, reserves rose by more than 270K ETH, indicating increased selling pressure on the leading altcoin in a range-bound market.

Whales with holdings between 10K to 100K ETH appear to have contributed to this selling pressure, reducing their holdings by 630K ETH within the past week. This shift has brought their total holdings down to levels last recorded in mid-January.

ETH supply distribution

Recent trends in Ethereum ETFs have also mirrored this, with negative flows recorded for the ninth consecutive day, including $7.30 million in outflows on Monday. If outflows continue on Tuesday, it would represent the longest streak of negative flows since these products were launched in July.

Despite various on-chain metrics suggesting downward momentum, the total value staked in ETH has notably risen by nearly 180K ETH over the past week, indicating that many ETH investors maintain a long-term bullish outlook.

ETH total value staked

In a recent communication, the founder of a crypto derivatives exchange noted:

“Currently, we estimate a 17% likelihood of ETH surpassing $3,000 by the end of September, while there is a 31% chance it could dip below $1,500 by the same time. Furthermore, ETH is facing greater competition from Solana and other alternative layer-1 chains that are drawing interest.”

Ethereum Price Outlook: Recovery to $2,000 Needed to Escape Sideways Market

In the past 24 hours, Ethereum has experienced $33.86 million in futures liquidations. Long liquidations totaled $27.04 million, while short liquidations represented $6.82 million.

ETH has been consolidating in the $2,000 to $1,800 range for the ninth consecutive day, as market participants remain largely uncertain.

ETH/USDT daily chart

For ETH to regain bullish momentum, it needs to firmly move above the $2,000 psychological threshold and maintain that level as support. Additionally, the descending trendline resistance that has persisted since February 25 represents a significant hurdle on the upside.

On the other hand, a significant volume decrease below $1,800 could see ETH fall toward $1,500.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are currently testing their neutral levels, indicating a possible short-term shift away from the prevailing bearish momentum.