Ethereum Sees Major Outflow From Mega Whales — ETH Price Drops Below $2,600
The crypto market has been turbulent, and Ethereum (ETH), the second-largest cryptocurrency, has not been immune to the challenges. Despite its strong position, the token has encountered significant obstacles in recent weeks, with its price showing little indication of a sustained rebound.
**Key Indicators Suggest Persistent Bearishness**
Crypto analyst Ali Martinez notes that some of the largest Ethereum whales, those holding more than 10,000 ETH, have been consistently offloading their tokens over the past month, with no signs of this trend slowing down.
This large-scale sell-off among major investors has contributed to a 26% drop in ETH’s price over the last 30 days, reducing its year-to-date gains to a modest 55% — one of the weakest performances among major tokens during this period.
The ongoing sell pressure from these Ethereum whales has played a crucial role in keeping ETH within a consolidation phase, stuck near the lower end of the price range it has been trading in for the past seven months.
The bearish outlook for ETH is further reinforced by the TD Sequential indicator, which recently flashed a sell signal on the cryptocurrency’s hourly chart, potentially signaling further downside.
Looking forward, Martinez has highlighted key support levels that may become relevant if Ethereum’s price continues to decline. One critical support zone lies between $2,300 and $2,380, where approximately 1.62 million addresses have purchased over 50 million ETH.
Holding this level is vital for bulls to prevent another sharp decline, similar to the recent drop to the $2,100 level — an area not seen since February.
**Is a Potential Upside for Ethereum on the Horizon?**
Despite the bearish narrative, there could be a silver lining for Ethereum. Market researcher Leon Waidmann suggests a significant development may hint at a potential bullish reversal for the cryptocurrency.
In a recent post on X (formerly Twitter), Waidmann pointed out that, for the first time, the ETH balance on cryptocurrency exchanges has fallen below 10%. This is a notable milestone, as Ethereum’s holdings on exchanges are now lower than Bitcoin’s (BTC). Waidmann commented:
“The fact that there is significantly less ETH on exchanges than BTC is a very positive sign. It suggests that Ethereum investors are increasingly withdrawing their tokens from trading platforms, possibly indicating a shift away from short-term speculation and toward long-term holding.”
Ultimately, the next move for ETH’s price remains uncertain. Whether the bulls or bears gain control will determine the token’s short-term trajectory and potentially end its current consolidation phase.
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