Ethereum is trading below the $3,000 level as selling pressure continues to weigh on the overall crypto market. After weeks of volatile price fluctuations, ETH has failed to regain key psychological and technical levels, reinforcing the fragile market structure.
Sentiment remains decidedly bearish, and fear and even apathy are starting to dominate trader behavior. Volatility is shrinking, participation is declining, and many analysts are increasingly pointing to a long-term bear market scenario lasting until 2026.
This lack of belief is not limited to retailer participants. According to data shared by Lookonchain, two large whales released a combined 14,000 ETH (equivalent to approximately $40.82 million) in just the past two hours. Such aggressive selling in an already depressed environment puts further pressure on assets that are struggling to attract sustained demand.
Although isolated whale activity itself does not define broad trends, timing is important. Large distributions during periods of low liquidity often amplify downside price movements and reinforce negative sentiment in the market as a whole.
Ethereum whale seller faces long sentence
Arkham data shared by Lookonchain reveals new evidence of a massive sell-off as Ethereum trades under sustained pressure. Address 0x2802 sold 10,000 ETH worth approximately $29.16 million through the decentralized exchange at an average price of $2,915.5.
Shortly after, another whale, 0x4c0A, offloaded 4,000 ETH worth approximately $11.66 million and spread the sales across multiple centralized venues including OKX, Binance, KuCoin, and Gate. The timing and correction of these moves reinforces the current bearish tone, especially as liquidity remains thin and broad market sentiment is defensive.
In the short term, this activity increases downward pressure and increases uncertainty among small investors. Small investors often interpret whale selling as a signal of further weakness going forward. However, price movements and sentiment alone don’t tell the whole story. Despite the drawdown, Ethereum’s fundamentals continue to strengthen at a pace rarely seen before. Institutional adoption is accelerating rather than slowing down.
Most notably, JPMorgan recently announced that it will launch the first tokenized money market fund using Ethereum, a milestone that confirms its growing confidence in Ethereum as a payments and financial infrastructure layer. While markets may remain bearish in the short term, the disconnect between price sentiment and fundamental developments is becoming increasingly difficult to ignore.
Ethereum price struggles to hold key weekly support
Ethereum continues to be under pressure on the weekly chart, with the price currently hovering around $2,950 after a sharp pullback from the $3,200-$3,300 area. This area previously served as an important pivot zone, but has now clearly turned into a resistance force. Its inability to recover confirms that the seller continues to control the medium-term structure.
From a trend perspective, ETH is consolidating around the 200-week moving average (red line), a historically important level that will determine whether the correction continues cyclically or develops into a deeper bearish phase. So far, this moving average acts as dynamic support and prevents a more aggressive breakdown. However, momentum remains weak and follow-through on the upside is limited.
The 50- and 100-week moving averages (blue and green lines) are starting to flatten and converge, reflecting indecision and decreasing trend strength. Volume also remains subdued compared to previous expansion phases, suggesting that neither strong accumulation nor capitulation is occurring at current levels.
Structurally, ETH remains within a wide range between $2,500 and $3,300. A weekly close below the $2,800-$2,900 area will expose the downside toward the lower end of that range. Conversely, it would need to regain $3,300 to reestablish bullish momentum. Until then, Ethereum remains technically vulnerable despite its long-term fundamentals.
Featured image from ChatGPT, chart from TradingView.com
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