Ethereum Price Forecast: Whales step up selling pressure with 630,000 ETH exodus

Ethereum price today: $1,900

• Ethereum exchange reserves have declined by 270,000 ETH in the past week.
• Whales have distributed over 630,000 ETH since February 9.
• ETH could break out of its week-long consolidation if it recovers the $2,000 psychological level.

Ethereum (ETH) is down 1.5% on Tuesday, trading just above $1,900 amid a high bearish trend across whales supply distribution, exchange reserves and exchange-traded fund (ETF) flows.

Ethereum whales deplete holdings amid bearish market signals

Ethereum exchange reserves have increased by over 100K ETH since the beginning of the week, per CryptoQuant's data. On the weekly timeframe, the reserves increased by over 270K ETH. The increase indicates a slightly high selling pressure on the top altcoin amid a range-bound market.

Whales holding between 10K to 100K ETH potentially led the selling pressure, scaling down their holdings by 630K ETH in the past week, per Santiment data. The distribution has sent their total holdings to levels last seen since mid-January.

ETH supply distribution. Source: Santiment

Ethereum ETFs have followed a similar trend, recording a ninth consecutive day of negative flows after posting $7.30 million in outflows on Monday, per Coinglass data. If the products record outflows again on Tuesday, it will mark their highest negative flow streak since debuting in July.

Despite several on-chain metrics pointing toward the downside, ETH's total value staked is an outlier, rising by nearly 180K ETH in the past week. This shows that a large number of ETH investors still hold a long-term bullish view.

ETH total value staked. Source: CryptoQuant

In a note to FXStreet, crypto derivates exchange Derive founder Nick Forster stated that:

"As of now, we see a 17% chance of ETH reaching over $3K by the end of September, with a 31% chance it could settle below $1.5K by the same date. ETH is also facing increasing competition from Solana and other alt L1 chains, which are actively attracting attention."

Ethereum Price Forecast: ETH needs to recover $2,000 to break out of sideways market

Ethereum saw $33.86 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of long and short liquidations accounted for $27.04 million and $6.82 million, respectively.

ETH continued its consolidation within the $2,000 to $1,800 range for a ninth consecutive day as market players have remained largely indecisive.

ETH/USDT daily chart

ETH has to sustain a firm move above the $2,000 psychological level and hold it as support to recover the bullish momentum. The descending trendline resistance extending from February 25 is also a key barrier on the upside.

Meanwhile, a high volume decline below $1,800 could send ETH toward $1,500.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are testing their neutral levels, signaling a potential short-term shift from the dominant bearish momentum.