Ethereum price has fallen sharply over the past few trades, with losses widening due to deteriorating market sentiment. The recent decline reflects broader bearish conditions and deliberate actions by investors.
Increasing selling pressure is making recovery even more difficult. At the same time, continued circulation risk will cause ETH to fall further before meaningful stabilization occurs.
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Ethereum holders move to sell their assets
Whale activity has played a significant role in Ethereum’s recent decline. Over the past week, addresses holding between 10,000 and 100,000 ETH have aggressively reduced their exposure. These large holders sold over 1.1 million ETH during this period. At current prices, that distribution would be more than $2.8 billion.
Such a large selloff puts direct pressure on the spot market. When whales reduce their holdings, liquidity absorbs supply at lower prices. This action often accelerates short-term downtrends.
In the case of Ethereum, the decline strengthened bearish momentum and contributed to the recent decline below key technical levels.
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Macro indicators indicate a mixed outlook for Ethereum. According to the data, the total supply of profits fell below the 50% threshold. Fear often increases when fewer holders are saddled with unrealized gains. In this environment, sales may temporarily decline as investors are reluctant to recognize losses.
However, the same metrics also come with downside risks. As the loss deepens, behavior can change rapidly. Investors may sell to prevent further drawdowns. Under these circumstances, Ethereum price may face new pressures despite attempts at short-term stabilization through reduced profit-taking.
ETH price still has a long way to go
At the time of writing, Ethereum is trading around $2,636. The asset has fallen 12.7% over the past two days. This decline confirmed a bearish rising wedge pattern. The formation predicts a further 16% decline and targets the $2,465 level if momentum holds.
The loss of key support makes this scenario more likely. ETH fell below $2,802, confirming the breakdown of the pattern. In many cases, the failure of the support level increases the reliability of the technical structure. Bearish continuation remains the main risk as long as prices remain below previous support.
Even if the situation improves, there is still a path to recovery. If Ethereum holds the $2,570 support level, buyers could attempt a rebound. A sustained return towards $2,802 will be important. Recovering this level as support would invalidate bearish theories and signal new strength.
