Ethereum has been locked in a tight trading range between $2,400 and $2,700 for three weeks, leading to growing impatience among holders.
Long-term whales, including previously inactive accounts, have begun selling significant amounts of ETH, contributing to a surge in overall selling activity.
In just one day, two major whales sold a combined 1,546.67 ETH, while the broader whale community offloaded 684,100 ETH.
Netflow for large holders has turned sharply negative, signaling more ETH is leaving wallets than entering, reflecting a lack of confidence.
Seller dominance is evident, with the taker buy-sell ratio hitting a weekly low and exchange supply ratio reaching a weekly high.
ETH’s price has dropped nearly 4% in a day, and continued selling could push it below the current range to $2,324.
Stagnation and Growing Frustration: Ethereum’s Range-Bound Struggle
Ethereum has spent the past three weeks in a state of limbo, with its price oscillating between $2,400 and $2,700. This prolonged period of sideways movement has tested the patience of investors, many of whom are now showing signs of frustration. The lack of a clear trend has prompted a wave of selling, not just from short-term traders but also from long-term holders who had previously remained on the sidelines.
The psychological impact of this stagnation cannot be underestimated. As days pass without a decisive breakout, confidence begins to erode. Holders who once believed in a swift recovery are now reassessing their positions, and some are choosing to exit rather than wait for an uncertain rally. This shift in sentiment is fueling a self-reinforcing cycle of selling, as each new wave of outflows adds to the sense of unease.
Whale Exodus: Dormant Giants Stir and Sell
A particularly notable development has been the re-emergence of dormant whale accounts. In the past day alone, two long-inactive whales have liquidated a combined 1,546.67 ETH. One of these whales transferred 959.69 ETH, valued at $2.54 million, to OKX, yet still retains a massive holding of over 50,700 ETH—worth an eye-watering $132 million. The second whale, meanwhile, sold 587 ETH through Kraken, continuing a selling streak that began in March and has now reached a total of 14,398 ETH sold, amounting to $28.47 million.
These transactions are not isolated incidents. They are part of a broader trend, with Ethereum whales collectively offloading 684,100 ETH in a single day. This surge in large-scale selling has pushed the netflow of major holders deep into negative territory, with a reading of -83,500. Such a figure is a clear indication that more ETH is being sold than accumulated, underscoring a significant shift in whale sentiment.
Market Dynamics: Sellers Take the Reins
The dominance of sellers is now unmistakable in Ethereum’s order books. The taker buy-sell ratio—a key metric for gauging market sentiment—has plunged to its lowest point in a week, signaling that sell orders are overwhelming buy orders. This imbalance is further reflected in the exchange supply ratio, which has climbed to a weekly high as more ETH is deposited onto exchanges, ready to be sold.
This influx of supply onto trading platforms is a double-edged sword. On one hand, it provides liquidity for buyers; on the other, it raises the risk of further price declines if demand fails to keep pace. An oversupplied market, especially in the absence of strong buying interest, is vulnerable to sharp corrections as sellers compete to offload their holdings.
Price Impact and Future Scenarios
The consequences of this selling pressure are already being felt. Ethereum’s price has slipped by nearly 4% in just 24 hours, reflecting the market’s struggle to absorb the increased supply. If the current trend continues, ETH could break below its established range, with the next major support level sitting at $2,324. Such a move would likely trigger additional selling, as stop-loss orders are hit and sentiment deteriorates further.
However, there is still a path to stability. If the market can withstand the current wave of sell-side pressure—either through renewed buying interest or a slowdown in whale selling—Ethereum may continue to trade within its current channel. A sustained period of consolidation could eventually set the stage for a breakout, but this would require a marked reduction in selling activity and a restoration of investor confidence.
Conclusion
Ethereum’s recent price action paints a picture of a market at a crossroads. Stuck in a narrow range, the cryptocurrency is facing mounting pressure from both impatient holders and large-scale whales who are choosing to cash out. The surge in selling activity, negative netflows, and rising exchange supply all point to a market grappling with uncertainty. Whether ETH can weather this storm and maintain its range, or whether it succumbs to further downside, will depend on how quickly selling pressure subsides and whether buyers are willing to step in. For now, caution and vigilance are the watchwords as Ethereum navigates this challenging phase.
