Ethereum price remains under pressure after a recent decline that stalled recovery momentum. $ETH trades at $2,087 and has reclaimed the $2,000 level, but is failing to build sustained upside.
The challenge facing Ethereum is not just resistance levels, but indecision among key holder cohorts.
Ethereum Whales Sell… Then Buy Again
Whales and long-term holders represent two of the most influential cohorts in any cryptocurrency market. In Ethereum’s case, both groups are sending mixed signals. This lack of alignment is contributing to prolonged sideways price action.
Addresses holding between 100,000 and 1 million $ETH sold approximately 1.3 million $ETH between February 9 and February 12. That selling equates to roughly $2.7 billion in value. However, the same cohort purchased 1.25 million $ETH within the following 48 hours.
Ethereum Whale Holding. Source: Santiment
The rapid reversal represented nearly $2.6 billion in buying during the same week. Such large-scale back-and-forth activity creates liquidity without directional bias. As a result, the Ethereum price remains range-bound rather than trending decisively upward or downward.
Ethereum LTHs Accumulated… But They Are Now Selling
The HODLer net position change metric reinforces this indecision. This indicator tracks movements of long-term holder balances. Since late December 2025, long-term holders had been steadily accumulating $ETH.
At the beginning of February, that trend shifted. Long-term holders reduced buying activity and began modest distribution. While the selling pressure has not been aggressive, it signals growing uncertainty among investors, typically associated with strong conviction.
Ethereum HODLer Net Position Change. Source: Glassnode
Mixed whale activity, combined with cautious long-term holders, limits bullish momentum. Without sustained accumulation from these cohorts, the Ethereum price faces difficulty breaking above major resistance levels.
$ETH Price Is Stuck Around $2,000
Ethereum trades at $2,087 and has successfully reclaimed the $2,000 threshold. The next major resistance sits at $2,241. A move toward that level requires a clear bullish bias from dominant holder groups.
Given the current absence of decisive accumulation, consolidation remains the most probable scenario. Ethereum may continue hovering near $2,000 while defending the $1,902 support level. Sideways momentum could persist until directional conviction emerges.
Ethereum Price Analysis. Source: TradingView
If whales and long-term holders shift back toward accumulation, Ethereum could break above $2,241. A sustained rally may extend toward $2,395 and potentially test $2,500. Clearing $2,500 would invalidate the bearish thesis and confirm a stronger recovery trend.
