Ethereum’s price has faced heavy pressure recently—and new on-chain data points to a familiar culprit: whales. According to analytics platform IntoTheBlock, large Ethereum holders have become significantly more active in recent days, raising questions about whether these high-volume traders are behind ETH’s recent slide toward the $2,100 mark.

Whale Transactions Surge as Price Falls

On-chain data highlights a sharp uptick in large Ethereum transactions, defined as individual movements worth $100,000 or more. These are typically associated with whale wallets, and recent trends suggest a new wave of selling is underway.

Over the weekend of June 20–23, Ethereum’s price began its descent, retracing from above $2,400 and testing key support levels. Coinciding with this drop was a dramatic surge in whale activity. On June 20, over 3.71 million ETH changed hands in large transactions—almost double the 1.89 million ETH seen the day prior.

Although volumes cooled briefly to 1.57 million ETH on Saturday, they picked up again on Sunday, June 23, as ETH’s price continued to drop. That day, 2.58 million ETH, valued at around $5.7 billion, was moved by large holders. This marked a 55.62% increase compared to Saturday’s dollar volume of $3.66 billion.

These patterns suggest that whales were actively selling as Ethereum’s price dropped, further accelerating the downward momentum. With large holders controlling around 56% of total ETH supply, their activity plays a decisive role in the asset’s price direction.

Whales: Market Movers or Profit Takers?

Whale activity is a double-edged sword in crypto markets. While accumulation by large holders often signals confidence, large-scale sell-offs, especially during periods of weak sentiment, can spark panic selling and deeper price declines.

Given the timing and magnitude of these transfers, it appears that whales may have seized an opportunity to take profits amid uncertain macroeconomic and crypto-specific developments. As whales liquidate holdings, they increase selling pressure on exchanges, which often leads to short-term price drops.

Technical Levels Under Pressure

At the time of writing, Ethereum is trading near $2,100, marking its lowest point in over a month. Market observers are closely watching whether ETH can hold support above $2,000, a critical psychological and technical threshold.

If this support fails, analysts suggest Ethereum could revisit levels near $1,950–$1,980, zones not seen since earlier in 2024. Conversely, if whale activity slows and demand picks up, ETH may attempt a short-term bounce back toward $2,300. However, recovery might be limited in the near term, given the weight of recent sell-offs.

Analyst Outlook: Relief Bounce or Further Decline?

According to crypto analyst Rektproof, Ethereum may be due for a brief relief rally before facing renewed downside pressure. The analyst cautions that while some investors are anticipating a bottom formation, current on-chain data and whale behavior suggest that ETH’s price may continue its bearish trajectory after a short-lived rebound.

The technical setup supports this view. Ethereum’s moving averages are showing signs of weakness, and momentum indicators like RSI and MACD point to a loss in bullish strength. Additionally, trading volume remains below average, indicating that retail participation is fading just as institutional and whale-level selling intensifies.

What to Watch Next

The coming days will be critical for Ethereum. Traders and investors should watch:

• Whale Transaction Volume: Continued increases could indicate more selling ahead.

• $2,000 Support Level: A break below this level may trigger further liquidations.

• Exchange Inflows: Rising ETH balances on exchanges could signal intentions to sell.

• Staking and Withdrawals: Shifts in staking metrics could reveal longer-term sentiment trends.

Moreover, broader market conditions—including U.S. regulatory developments, interest rate expectations, and Bitcoin’s performance—will likely influence Ethereum’s next move.

Final Thoughts

Ethereum’s recent price slump appears closely tied to rising whale activity, with over $5.7 billion in large transactions coinciding with the downturn. While whales may simply be taking profits, their influence on price action is hard to ignore.

As Ethereum teeters near critical support levels, traders should be cautious. Unless whale activity stabilizes and buying interest returns, ETH may remain under pressure in the short term. For now, the market waits to see whether the recent whale moves are a temporary shakeout—or a signal of deeper correction to come.