Ethereum (ETH) Price Stalls at $2,300 as Retail Exits and Whales Accumulate

Key Takeaways

• Ethereum currently trades near $2,300 following a 5% decline across the last two sessions, reversing weekend momentum
• Critical support sits at $2,200 where the 50-day and 100-day simple moving averages align
• Bulls must recapture $2,400 to shift momentum and trigger potential short squeezes
• Smaller wallets offloaded 756,000 ETH in the past seven days while whale addresses accumulated 60,000 ETH
• Crossing above $2,400 could spark over $1.94 billion in leveraged short liquidations

Ethereum is currently hovering around the $2,290–$2,300 range following a two-day pullback that erased approximately 5% of its value and eliminated weekend price gains. The asset now finds itself compressed between the 100-day exponential moving average (EMA) positioned at $2,350 on the upside and the 100-day simple moving average (SMA) at $2,220 on the downside.

Ethereum (ETH) Price

Market observers suggest this consolidation pattern may persist for several additional sessions before a definitive directional move materializes.

Telegram-based Technical Crypto Analyst highlighted that Ethereum has surrendered its $2,300 support trendline. “We can probably expect Ethereum to drop, and it might even hit the lower support level in the next few days,” the analyst stated. “A solid breakdown with good volume would confirm this.”

Market commentator Ted Pillows reinforced this assessment on X, stating: “ETH has dropped below the $2,300 level. The next crucial support zone is $2,200, which could be a level for a short-term bounceback.”

Trader Daan Crypto Trades identified $2,100 as a significant support floor and $2,800 as a major resistance ceiling that Ethereum has honored across multiple years. Should price action slip beneath $2,200, technical watchers are monitoring the $2,000 psychological barrier and the $1,800–$1,750 range, which corresponds with the multi-year bottom established on February 6.

Retail Distribution Creates Selling Pressure

Blockchain analytics reveal that the Accumulation Addresses Realized Price (AARP) positioned at $2,400 has functioned as a formidable ceiling since Ethereum dropped below this threshold in February. Each subsequent attempt to test this level has encountered renewed distribution activity.

Smaller wallet holders — addresses containing between 100 and 10,000 ETH — offloaded approximately 756,000 ETH throughout the previous week. The majority of these transactions occurred at a loss, indicating either capitulation behavior or strategic risk reduction.

Source: CryptoQuant

Conversely, whale entities demonstrated opposing market behavior, accumulating roughly 60,000 ETH during the same timeframe. While their acquisition pace moderated somewhat, these large holders refrained from selling pressure.

Within the derivatives landscape, perpetual funding rates for ETH have maintained consistently negative territory, signaling that short positioning has dominated trader sentiment. Open interest has similarly contracted over recent sessions.

The Significance of $2,400 and Potential Breakout Implications

CryptoQuant contributor CW8900 identified $2,400 as a crucial psychological threshold. “Breaking through that line signifies that whales are transitioning to a profitable position,” the analyst explained on X, noting that this development would “provide grounds for their buying power to become stronger.”

Liquidation heatmap data from CoinGlass indicates that a rally beyond $2,400 would catalyze more than $1.94 billion in forced short position closures across major exchanges.

Market analyst Ali Charts observed on X that Ethereum is attempting to recapture its Realized Price situated at $2,335. “Successfully turning this level into a floor is a standard technical prerequisite for a sustained rally,” Ali Charts noted.

On-chain intelligence from Lookonchain revealed that Bitmine, an entity associated with Fundstrat’s Tom Lee, acquired an additional 45,000 ETH valued at approximately $103.5 million through FalconX and BitGo transactions.

The Relative Strength Index currently registers near 52, reflecting neutral momentum conditions. Meanwhile, the Stochastic Oscillator has retreated toward oversold readings, which technical analysts suggest could provide a buffer against additional downside provided Ethereum maintains its current EMA support structure.