Ethereum Price Stalls Near $2,400 as Whales Cut ETH Holdings

Key Insights

• Ethereum price remained capped below the $2,400 resistance zone despite repeated breakout attempts.
• Mid-tier Ethereum whales reduced holdings by roughly 3.4 million ETH since Oct. 2025.
• ETH needs stronger spot demand and ETF inflows to revive momentum toward $3,000.

Ethereum price traded near $2,300 after another failed breakout attempt above the $2,400 resistance zone. The latest rejection came as onchain data showed aggressive selling from mid-tier whale wallets.

Data shared by analysts showed that wallets holding between 1,000 and 10,000 ETH reduced balances by 21.5% since Oct. 2025. That decline pushed holdings from nearly 15.95 million ETH to around 12.52 million ETH. The selling pressure emerged as traders continued defending support near the $2,200 area.

Ethereum Price Struggles Below $2,400 Resistance

Ethereum price has repeatedly failed to reclaim the $2,400 to $2,430 resistance zone since April. The latest rejection reinforced that range as the key short-term ceiling for bulls.

Analyst Ted Pillows noted that ETH needs a confirmed daily close above that area before traders can target higher resistance near $2,624.

A breakout above that level could reopen the path toward the $2,740 to $2,800 range. However, weak spot demand continued limiting upside momentum.

That matters because sustainable Ethereum rallies usually require aggressive spot accumulation rather than only derivatives-driven buying.

Support remains near the $2,160 to $2,200 zone. If sellers regain control, ETH could revisit that range before attempting another recovery. A breakdown below support may expose the broader $1,740 to $1,800 region again.

Ethereum Price Faces Fresh Whale Selling Into Binance

Ethereum’s price is also under pressure from renewed whale activity. Lookonchain data has highlighted wallets linked to Metalpha that deposited 27,000 ETH into Binance. The transfer was valued at $62.78 million.

Another whale, tagged as 0x8Ad4, deposited 14,062 ETH into Binance. That transfer carried an estimated value of $32.82 million. Such inflows often raise concern because traders may be preparing to sell.

The broader whale data strengthens that concern. According to data, mid-tier whales changed behavior after October 6, 2025. Before that date, the group had accumulated ETH for several months.

Since then, balances have dropped by about 3.43 million ETH. That shift creates a supply overhang while Ethereum trades below resistance. It also raises the demand needed for any move toward $3,000.

Still, exchange deposits do not always confirm immediate selling. Institutions can move funds for custody, collateral, or internal portfolio reasons. Traders will watch whether Binance liquidity absorbs these flows without another price breakdown.

Weekly Ethereum Structure Still Supports Bullish Scenario

Despite short-term weakness, Ethereum’s higher timeframe structure still supports a bullish long-term setup.

Analyst Ray highlighted that ETH continues holding above a multi-year ascending trendline on the weekly chart.

The same structure also showed a possible inverse head-and-shoulders pattern forming since 2025.

The left shoulder appeared after the 2025 correction, while the head formed during the deeper 2026 decline. The right shoulder now appears to be developing as ETH stabilizes above support.

The pattern still requires confirmation. Ethereum must hold the rising trendline and break above overhead resistance before larger upside targets become realistic.

Ray identified the first major resistance near $4,900, which aligns with Ethereum’s prior cycle high zone.

A breakout above that level could shift attention toward the broader $8,300 target projected from the structure.

Long-term forecasts remain heavily tied to ETF demand, staking growth, stablecoin expansion, and tokenization adoption across financial markets.

Ethereum traded near $2,324 at publication, giving the network a market capitalization close to $280 billion based on roughly 120.7 million ETH in circulation.

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