Ethereum is facing pressure from two sides as whale positioning stays negative and $ETH/$BTC remains inside a descending channel. For now, $ETH needs stronger buying activity and a clear $ETH/$BTC recovery to weaken the bearish setup.
Ethereum Whales Stay Bearish as $ETH Price Holds Near $2,300
Ethereum whales are still showing a bearish position, according to the Ethereum Whale vs Retail Delta chart shared by CW.
The chart shows the whale vs retail delta moving below zero in recent weeks. That means whale positioning has turned negative compared with retail positioning. In simple terms, larger traders appear more short than retail traders.
Ethereum Whale vs Retail Delta Chart. Source: CW on X,Coinglass
$ETH price is holding near the $2,300 area, while the delta remains in the red zone. This suggests whales have not yet shifted back to a bullish stance, even after Ethereum stabilized from its recent decline.
The chart also shows that previous positive delta periods often appeared during stronger $ETH moves. However, the current negative reading shows a different setup. Whales still appear positioned for more downside or at least remain cautious.
If the whale vs retail delta stays below zero, $ETH could face pressure near current levels. A deeper decline would keep the bearish whale view active.
However, if the delta returns above zero while $ETH holds support, it would show that whale positioning is improving. For now, the chart points to bearish whale sentiment while Ethereum trades near the lower part of its recent range.
$ETH/$BTC Stays Inside Descending Channel as Midline Pressure Builds
$ETH/$BTC remains trapped inside a descending channel, according to the chart shared by Bitcoinsensus.
The chart shows $ETH/$BTC moving lower between two downward sloping trendlines. The upper trendline has rejected price several times, while the lower trendline has acted as support during deeper pullbacks.
$ETH/$BTC Descending Channel Chart. Source: Bitcoinsensus on X
$ETH/$BTC is now pressing near the dotted midline of the channel. This area matters because it often decides whether price attempts another move toward the upper boundary or continues toward the lower part of the range.
The repeated red circles on the chart mark failed attempts to break the upper channel resistance. Each rejection kept the broader downtrend structure active.
Meanwhile, the green circles show reactions from lower support areas. These bounces helped $ETH/$BTC stay inside the channel, but they did not change the larger bearish structure.
For the setup to improve, $ETH/$BTC would need to reclaim the midline and move toward the upper trendline. A breakout above that upper boundary would be the first stronger sign of trend change.
However, if $ETH/$BTC fails at the midline, the pair could remain under pressure inside the same descending channel. That would keep Bitcoin stronger than Ethereum in relative terms.
