- Ethereum has experienced a sharp 3.95% drop as whales offloaded over 684,000 ETH, signaling a major lack of confidence in the market.
- With rising sell pressure and bearish indicators, ETH risks breaking below its $2,400 support level.
Whales Trigger Massive Sell-Off as Market Confidence Wanes
Ethereum (ETH) is feeling the heat as whale activity intensifies. In the past 24 hours alone, the price of ETH has dropped by 3.95%, largely triggered by a massive sell-off involving over 684,000 ETH tokens. The move has shaken market sentiment, raising concerns about whether Ethereum can hold its ground above the key $2,400 support level.
Two Dormant Whales Awaken and Offload Millions
On-chain analyst @ai_9684xtpa revealed that two long-dormant Ethereum whales have joined the selling frenzy. One whale deposited 959.69 ETH worth $2.54 million to OKX and still holds over 50,700 ETH valued at $132 million. The second whale sold 587 ETH worth $1.56 million on Kraken, continuing a selling streak that began in March. This whale has already offloaded more than 14,000 ETH worth $28.47 million in total.
These movements are part of a broader trend of whale sell-offs, which has now resulted in a total of 684,100 ETH being dumped into the market over just one day.
Bearish Indicators Point to Further Price Declines
The situation is further aggravated by technical indicators showing heightened bearish sentiment. The large holders’ netflow has plummeted to -83.5k, indicating whales are offloading more ETH than they’re accumulating. Simultaneously, the Taker Buy-Sell Ratio has dropped to a weekly low, suggesting sellers are firmly in control.
This spike in selling activity has caused the exchange supply ratio to hit a weekly high — a clear sign of rising sell pressure. Unless demand increases to absorb this influx, prices could dip even lower.
What’s Next for ETH? A Tug of War Between Bulls and Bears
Ethereum remains trapped in a tight trading range between $2,400 and $2,700. If whale-led selling continues, ETH could break below support and fall to $2,324. However, if the market can stabilize and absorb the pressure, ETH may hold the range and attempt a rebound.
For now, all eyes are on the whales — and whether their selling spree will continue to drag Ethereum further into bearish territory.
