Ethereum holders might want to keep a close eye on the tape: some of the largest players in the ecosystem have been quietly unloading their bags. According to on-chain data, wallets 0x14e4 and 0x26Bb, likely controlled by the same whale, have withdrawn an enormous 95,920 ETH, valued at approximately $237 million.
More significantly, in the last 20 days, they have already transferred 62,289 ETH (about $154 million) to well-known exchanges like HTX Bybit and OKX. When major investors are confident in the upside, you do not see this kind of flow. The wallets still hold 33,631 ETH ($83 million) after these deposits, which gives them plenty of firepower to increase selling pressure if they so choose.
Historically, whales transferring such substantial amounts to exchanges have been seen as a sign of volatility, which is typically skewed to the downside. Ethereum’s price action, which appears to be becoming more vulnerable, makes this worse. According to the daily chart, ETH is having trouble staying above the 100-day EMA (~$2,465) and has been repeatedly rejected close to the 200-day EMA (~$2,530).
A lengthy consolidation phase followed the earlier May breakout, during which time momentum progressively diminished and the price was unable to reach new highs. In recent weeks, a downward trend has started to take shape, supporting the idea that sellers are becoming more assertive. The volume data also paints an unimpressive picture. Red candles exhibit strong sell participation, which is classic distribution behavior, and recent rallies have happened on declining volume.
The fact that the RSI stays neutral is unsettling given the larger picture of large holders liquidating their holdings. The path of least resistance appears lower unless new demand arises to absorb this supply. As the 50-day EMA and horizontal support coincide with the $2,300-$,2400 range, traders should be ready for the possibility that ETH will revisit this area.
If whales keep on offloading, the correction may become more profound. To put it plainly, the smart money seems to be leaving. Ignoring these signals puts retail investors at risk.
