Ethereum Holders might want to focus on tape. Some of the biggest players in the ecosystem are quietly unloading their bags. According to on-chain data, the 0x14E4 and 0x26bb wallets, which are likely to be controlled by the same whales, have withdrawn the massive 95,920 ETH of about $237 million.
More importantly, over the past 20 days, they have already transferred 62,289 ETH (approximately $154 million) to well-known exchanges such as HTX Bybit and OKX. When a major investor is confident in the benefits, you don't see this kind of flow. The wallet still holds 33,631 ETH ($83 million) after these deposits, giving you plenty of firepower to increase sales pressure if you choose.
Historically, whales relocating such substantial amounts of exchange have been viewed as a sign of volatility that is biased towards flaws. Ethereum's price action, which appears to be more vulnerable, makes this worse. According to the daily charts, ETH has struggled to surpass the 100-day EMA (~$2,465) and has been repeatedly rejected near the 200-day EMA (~$2,530).
A long consolidation phase followed a possible previous breakout, during which momentum gradually declined, and prices were unable to reach new highs. Over the past few weeks, the downward trend has begun to take shape, supporting the idea that sellers are becoming more aggressive. The volume data also draws impressive pictures. The red candles showed strong selling participation, a classic distributed behavior, and recent gatherings have occurred with a decline in volume.
The fact that RSI remains neutral is unsettling given the big picture of large holders liquidating their holdings. It appears to have the least resistance unless new demand arises to absorb this supply. The 50-day EMA and horizontal support coincides with the $2,300-$2,400 range, so traders must be ready for the possibility that ETH will revisit this area.
The fixes could be deeper as the whales continue to offload. To put it plainly, smart money seems to be gone. Ignoring these signals puts retail investors at risk.
