Ethereum Drops Below $2,300 Triggering Whale Sell-Offs

Ethereum's price has experienced a significant decline, falling below the $2,300 support level. This drop triggered rapid movements from smaller whale wallets, which sold off their holdings as the price slipped into the $2,378–$2,412 range. According to Lookonchain data, address 0x3FF0 sold 3,158 ETH valued at roughly $7.51 million via CoW Protocol at $2,378. Similarly, address 0x4F12 sold 2,298 ETH for $6.24 million at the same level. These transactions indicate a swift response from smaller whales to the price decline, with some panic selling their holdings.

Activity on centralized exchanges also increased during this period. Address 0xBA04 deposited 2,645 ETH (worth $6.38 million) into Bybit at $2,412. Around the same time, address 0x2da8 transferred 1,768 ETH (valued at $4.26 million) to Binance at $2,408. These movements suggest that traders are preparing for liquidation or actively trading amid the price uncertainty.

Ethereum’s drop below $2,434 marked a key support breach. The price hovered near $2,260, with resistance zones set at $2,300 and $2,400. Analysts flagged the $2,300–$2,400 area as an inefficiency zone, potentially attracting further downside pressure. This price movement indicates a weakening market sentiment, with traders becoming more cautious.

Despite the recent dip, staking on the Ethereum network has hit a new milestone. As of June 21, 2025, over 35 million ETH had been locked into staking contracts, representing 28.3% of the total ETH supply. This trend shows steady growth since mid-2024, even when prices dropped below $2,000 in early 2025. The staking total has surpassed previous highs, indicating investor confidence in Ethereum’s proof-of-stake model. Long-term validators appear committed to the network, reinforcing decentralization and security. The growing number of staked coins offsets short-term market moves and reflects faith in Ethereum’s roadmap.

In summary, Ethereum's price decline below $2,300 triggered significant selling activity from smaller whale wallets and increased activity on centralized exchanges. However, the rise in staked ETH to 35 million signals continued trust in Ethereum’s future, despite the price drop. This dichotomy between short-term market reactions and long-term investor confidence highlights the complex dynamics at play in the Ethereum ecosystem.