Ethereum (ETH) has struggled below the $2,300 mark for the past few days, following two weeks of massive volatility and aggressive price swings. After a period of uncertainty, Ethereum remains in a downtrend, with bulls unable to reclaim key resistance levels.
Since the start of February, ETH has lost over 40% of its value, reflecting the broader market weakness and increasing negative sentiment toward the asset. The lack of bullish momentum has left traders cautious as Ethereum continues to trade near multi-month lows.
On-chain data from Glassnode reveals a concerning trend—the number of addresses holding more than 10,000 ETH has dropped to 919, down from 999 in late February. This significant decline suggests that large holders have been offloading their ETH, likely due to strong selling pressure and fear-driven market conditions.
With Ethereum facing continued resistance and heavy selling, all eyes are on whether ETH can stabilize or if further downside is ahead. The coming days will be crucial in determining if Ethereum can reclaim key price levels or if selling pressure will push the asset even lower. Traders are watching for a potential shift in momentum, but for now, Ethereum remains under bearish control.
Ethereum Whales Sell During Price Breakdown
Ethereum is trading at low levels after failing to reclaim the $2,500 mark, leaving the market uncertain about its next move. Analysts remain divided, with some calling for a continued drop as ETH’s price action remains unstable, while others see signs of a potential recovery forming at key support levels.
Top analyst Ali Martinez shared on-chain data from Glassnode, revealing that the number of Ethereum addresses holding more than 10,000 ETH has dropped to 919, down from 999 in late February. This suggests that whales have been selling heavily during the latest correction, likely driven by fear and liquidity issues. The capitulation of big players is often a bearish sign, signaling uncertainty among institutional investors and raising concerns about further downside risk.
Despite this wave of selling, Ethereum has held a key demand level around $2,200, suggesting that a potential reversal could be forming. If ETH manages to stabilize at this level, it could build momentum for a rebound in the coming weeks.
The next few weeks will be crucial for ETH’s price action. If bulls regain control, Ethereum could attempt another push toward $2,500 and beyond. However, failure to hold current levels could result in another leg down, extending its bearish phase and keeping traders on edge.
Price Action Details: Key Levels To Watch
Ethereum (ETH) is currently trading at $2,300, stuck in a range after failing to hold above $2,500 or break below $2,000. The market remains uncertain, with volatility swinging ETH’s price up and down, preventing a clear trend from forming.
For bulls to confirm a recovery rally, a push above the $2,500-$2,600 range is essential. Reclaiming this zone would signal strong buying momentum, potentially shifting sentiment back in favor of bulls. Without this move, Ethereum remains at risk of continued consolidation or another leg down.
However, for now, the main focus is on holding the $2,200 demand level. This key support zone has kept ETH from breaking lower, but if it fails, selling pressure could intensify, pushing Ethereum toward sub-$2,000 levels.
With market uncertainty still high, traders are watching whether ETH can stabilize above $2,200 or gain momentum toward higher resistance levels. Until Ethereum breaks out of its current range, volatility is expected to continue, keeping both bulls and bears cautious about the next major price move.
Featured image from Dall-E, chart from TradingView
