Ethereum is trading below the $3,000 level as selling pressure continues to weigh on the broader cryptocurrency market. After several weeks of volatile price action, ETH failed to recover key psychological and technical levels, reinforcing the fragile market structure.
Emotions remain bearish as fear and indifference begin to dominate traders' behavior. Volatility is down, participation is down, and many analysts are increasingly pointing to a long-term bear market scenario extending into 2026.
This lack of confidence is not limited to retail participants. According to data shared by Lookonchain, two large whales dumped a total of 14,000 ETH worth approximately $40.82 million in the last two hours. In an already weak situation, this aggressive selling puts pressure on assets that are struggling to attract sustained demand.
Isolated whale activity does not in itself define a broader trend, but timing is important. During periods of low liquidity, large distributions often amplify downward movements and strengthen negative sentiment across the market.
Ethereum Whale Sell Meets Long-Term Confidence
Arkham data shared by Lookonchain shows new evidence of massive selling as Ethereum trades under continued pressure. Address 0x2802 sold 10,000 ETH, worth about $29.16 million, at an average price of $2,915.5 through a decentralized exchange.
Soon after, another whale, 0x4c0A, offloaded 4,000 ETH worth approximately $11.66 million, distributing the sale to several centralized venues, including OKX, Binance, KuCoin, and Gate. The timing and coordination of these moves reinforces the current bearish sentiment, especially as liquidity remains tight and overall market sentiment is leaning defensively.
In the short term, this activity adds to downward pressure and uncertainty among smaller investors who interpret whale selling as a sign of greater weakness to come. But price action and sentiment don't tell the whole story. Despite the decline, Ethereum’s fundamentals continue to strengthen at a rate rarely seen before. Institutional adoption is accelerating, not slowing.
Notably, JP Morgan recently announced the launch of the first tokenized money market fund using Ethereum. This is a milestone that highlights the growing trust in Ethereum as a payment and financial infrastructure layer. Markets may remain bearish in the short term, but the gap between price sentiment and fundamental developments is becoming increasingly difficult to ignore.
Ethereum price is struggling to maintain key weekly support.
Ethereum continues to trade under pressure on the weekly charts, with the price currently hovering around $2,950 after suffering a sharp rejection in the $3,200-$3,300 region. This area previously served as a key pivot area, but has now clearly turned into a resistance area. The inability to retrieve this confirms that the seller retains control of the medium-term structure.
From a trend perspective, ETH is consolidating around its 200-week moving average (red line). This is a historically important level that will determine whether the correction remains cyclical or develops into a deeper bearish phase. So far, this moving average has acted as dynamic support, preventing a more aggressive decline. However, momentum is still weak and upward trends are limited.
The 50-week and 100-week moving averages (blue and green lines) are starting to flatten and converge, reflecting indecision and reduced trend strength. Volumes also remain quiet compared to previous expansion phases, suggesting that no strong accumulation or capitulation is occurring at current levels.
Structurally, ETH remains in a wide consolidation range between $2,500 and $3,300. A weekly close below the $2,800-$2,900 area could expose a downtrend towards the lower end of that range. Conversely, $3,300 would need to be recovered to re-establish bullish momentum. Until then, Ethereum remains technologically vulnerable despite its long-term fundamentals.
Featured image from ChatGPT, chart from TradingView.com
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