Ethereum price has dropped nearly 3% over the past 24 hours as selling pressure intensified across the market.
Large holders moved millions of dollars worth of ETH to Binance, raising fears of further downside movement.
At the same time, derivatives data showed growing bearish sentiment among futures traders. Weak spot demand also continued to weigh on Ethereum’s short-term recovery prospects.
Ethereum traded near $2,280 at the time of reporting after several major holders transferred large amounts of ETH to exchanges.
Blockchain analytics platform Lookonchain reported that an address linked to cryptocurrency asset manager Metalpha moved 27,000 ETH worth roughly $62.78 million to Binance.
Another whale transferred 14,062 ETH valued at nearly $32.82 million to the same exchange.
The transfers came shortly after Bitcoin veteran Garrett Jin deposited 166,000 ETH to Binance on Wednesday. The transaction carried an estimated value of $396 million.
The large exchange inflows increased concerns about potential liquidation activity. Historically, heavy transfers to trading platforms often signal intentions to sell assets.
As a result, traders reacted cautiously while Ethereum struggled to maintain support levels.
Ethereum Whale activity signals weakening market confidence
Crypto analyst Ali Martinez highlighted a broader decline in whale accumulation trends. According to Martinez, addresses holding between 1,000 and 10,000 ETH accumulated heavily between April and October 2025.
Those wallets reportedly increased holdings from 12.95 million ETH to 15.95 million ETH during that period.
However, holdings later dropped to nearly 12.52 million ETH, marking a decline of roughly 21.5%.
Martinez stated that Ethereum now requires fresh institutional or retail demand to reclaim the $3,000 level. Market data also reflected growing bearish pressure across derivatives markets.
Open interest climbed to 14.85 million ETH, reaching its highest level since July last year. Despite rising open interest, the Ethereum price continued falling.
Negative funding rates further suggested that bearish traders dominated futures positioning.
Meanwhile, Ethereum recorded $96.3 million in liquidations over the past day. Long positions accounted for $89.1 million of that figure, according to market data.
Ethereum faces critical support as bearish momentum builds
Market analyst Ted Pillows stated on X that Ethereum failed to hold above the $2,400 level again. He added that weak spot demand continued pushing ETH lower.
Technically, Ethereum remained slightly above its 50-day EMA near $2,262. However, resistance stayed firm near the 100-day EMA at $2,349.
The Relative Strength Index hovered below 50 while the Stochastic Oscillator trended toward 30.
If ETH loses the $2,262 support, analysts expect downside targets near $2,211 and $2,107. On the upside, Ethereum must clear $2,388 before challenging resistance near $2,746.
Analysts also identified the $2,300 to $2,500 range as a distribution zone over the past month. Smaller investors reportedly sold nearly 1.5 million ETH during the last two weeks.
Ethereum technical analysis
The 1-day Ethereum price remains in a broad recovery trend after rebounding from earlier lows near $1,800.
Price action recently moved sideways around the $2,280 region, showing weakening bullish momentum.
The MACD indicator turned bearish after the signal line crossed above the MACD line. Shrinking histogram bars suggest buying pressure continues to fade in the short term.
The RSI remains near 49, reflecting neutral momentum without overbought or oversold conditions.
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