Ethereum [ETH] is under pressure again as whale wallets shed over 684,000 ETH, signaling a powerful wave of capital flight and growing uncertainty in the market. Despite remaining locked in a sideways channel between $2,400 and $2,700 for the past three weeks, on-chain data shows rising impatience among holders, particularly long-term whales.According to analyst @ai_9684xtpa, two long-dormant Ethereum whales recently broke their silence and began selling large chunks of their ETH holdings, sparking alarm among investors and analysts.

Major Whale Movements to OKX and Kraken

  • One whale deposited 959.69 ETH (≈$2.54 million) to OKX, though they still retain a sizeable holding of 50,704 ETH, valued at approximately $132 million.

  • Another whale, continuing a sell trend since March 2025, sold 587 ETH (≈$1.56 million) via Kraken. This whale has now offloaded over 14,398 ETH, worth nearly $28.5 million in total.

These sales occurred within a broader sell-off across the Ethereum network, as whales collectively unloaded 684.1K ETH in just 24 hours—a sharp sign of capital outflow.

Large Holder Netflow Turns Negative

Glassnode's large holder netflow metric has now plunged to -83.5K, a bearish signal showing that whales are selling significantly more than they’re buying.

A negative netflow signals more ETH leaving wallets than entering, often correlating with price drops and waning investor confidence.

Meanwhile, Ethereum’s Taker Buy-Sell Ratio—a metric that measures market order dominance—has dropped to a weekly low, further confirming sellers are in control.

Market Impact and Price Outlook

This heightened sell pressure has already taken its toll: Ethereum fell 3.95% over the past day, reflecting bearish sentiment and a fragile support zone. Moreover, ETH’s exchange supply ratio has surged to a weekly high, suggesting that more coins are being moved to exchanges, typically a precursor to increased selling.

If this trend continues, ETH could break below the $2.4K support, with analysts forecasting a potential drop toward $2,324. However, if the market absorbs the current sell volume, Ethereum may maintain its position within the $ 2,400–$ 2,700 range. A bullish breakout will require a clear drop in whale activity and renewed buying momentum.

What to Watch

  • Exchange activity: Continued whale deposits to exchanges could signal more sell-offs ahead.

  • Market absorption: If current volumes get absorbed without a price breakdown, consolidation could persist.

  • Macro factors, including broader crypto sentiment, regulatory updates, and ETF performance, will also play key roles.

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