$ETH Ethereum Price Today: $2,620

Long-term Ethereum holders increased their selling pressure over the past three days, distributing over 300,000 ETH.

However, whales have been buying on the dip, with Ethereum exchange reserves dropping over 800,000 ETH over the past week.

Ethereum could see a drop to $2,200 if it fails to break above the $2,817 resistance.

Ethereum (ETH) declined by 2% on Tuesday due to an increase in selling activity by long-term holders (LTHs) and a buy-on-the-dip strategy by whales. If this selling trend continues, ETH could fall to the support level near $2,200.

Ethereum on-chain data shows mixed sentiment between LTHs and whales.