- Ethereum whales have offloaded 684,100 ETH tokens, fueling increased selling pressure that caused the price to drop nearly 4% in 24 hours.
- Ethereum’s price now faces the risk of breaking below its current $2,400–$2,700 range if selling continues, but it could hold steady if the market absorbs the pressure.
Whales Trigger Massive Selling Wave
Ethereum’s giant holders, commonly known as whales, have recently unleashed a significant selling spree. Over the past 24 hours alone, these whales have offloaded a staggering 684,100 ETH tokens, signaling a major shift in market dynamics. This move comes after Ethereum’s price stagnated within a narrow range between $2,400 and $2,700 for the past three weeks, testing the patience of long-term holders.
Who Are the Big Sellers?
Notably, two dormant whales have reemerged and started unloading their sizable ETH stacks. According to on-chain analyst @ai_9684xtpa, one whale deposited 959.69 ETH (around $2.54 million) to OKX exchange, while still retaining 50,704 ETH valued at $132 million. Meanwhile, another whale sold 587 ETH worth $1.56 million on Kraken and has been consistently selling since March, offloading over 14,398 ETH (valued at $28.47 million) during this period.
These moves are far from isolated incidents — they form part of a broader selling wave by Ethereum whales, pushing the netflow of large holders into negative territory at -83.5k ETH. This indicates that whales are selling substantially more ETH than they are buying, reflecting a waning confidence among big players.
Market Signals Point to Selling Pressure
The sell-side dominance extends beyond whales. The Taker’s buy-sell ratio has dropped to a weekly low, with sellers clearly outpacing buyers. Additionally, the exchange supply ratio—measuring how much ETH is held on exchanges and available for sale—has surged to its highest level in a week, further signaling increasing sell pressure.
Oversupply in the market, especially when demand weakens, typically leads to downward price pressure, creating a challenging environment for Ethereum bulls.
How Has ETH Price Reacted?
The impact of these selling pressures is clear: Ethereum’s price fell by nearly 4% in the past 24 hours. If this wave of selling persists, ETH risks breaking below its current consolidation range and dipping as low as $2,324. However, if the market absorbs the selling pressure effectively, Ethereum could maintain its current trading corridor between $2,400 and $2,700.
A decisive breakout from this range will likely require a cooldown in whale selling activity and renewed buying momentum.
Ethereum whales are unloading large quantities of ETH, triggering a sell-off that has pushed prices down nearly 4%. The market now watches closely whether ETH will break support or hold steady as selling pressure tests its resilience.
