Ethereum Drops 3.05% as Whales Sell 188.6K ETH

Ethereum experienced a significant decline after reaching a high of $2.7K, dropping to $2,476, which marks a 3.05% decrease over the past 24 hours. This pullback was driven by a surge in sell-side conviction across both derivatives and spot markets. The spot market saw a notable imbalance, with 113.1K ETH sold compared to 90K ETH bought, indicating a strong sell-side dominance.

The 14-day Moving Average of the Taker Buy-Sell Ratio dropped sharply, signaling an increase in aggressive sell orders overpowering buy orders. This selling pressure was evident among both small and large holders. Whale activity showed that large holders sold more than they bought, with the Large Holder Netflow metric falling to -12.7K ETH, indicating that whales sold over 188.6K ETH in just one day. This metric suggests that whales are currently in a selling mode.

Retail investors also contributed to the selling pressure, with spot activities dominated by sellers. The Spot Buy vs. Sell Volume recorded a negative delta of 22.53k over the past day, meaning more sell orders are being executed in the market. This market behavior indicates that there are 113.1k ETH sold while only 90k ETH bought.

Ethereum is currently hovering near a breakdown zone as bearish momentum remains strong. Bears dominate the market, increasing the risk of further price declines. If selling pressure continues, Ethereum could face a deeper correction, with $2.2K as a key support level. Holding above $2.2K is crucial to prevent a drop below $2K. However, if this sell-off is driven mainly by short-term traders or “weak hands,” it could signal a consolidation phase before a larger bullish breakout. A slowdown in selling pressure could push ETH back toward $2.7K, and possibly $3K, but bulls need to regain momentum first.