Ethereum (ETH) whales holding between 100,000 and 1 million tokens offloaded approximately 1.43 million ETH — worth roughly $2.7 billion — over the past two weeks, even as multiple on-chain indicators suggest the altcoin may be nearing a cyclical bottom.
What Happened: Massive Whale Selloff
Addresses in the 100,000-to-1-million ETH range have engaged in sharp accumulation followed by equally aggressive distribution in recent sessions, reflecting deep uncertainty among high-capital participants. The scale of selling — $2.7 billion in two weeks — has materially affected liquidity conditions across the market.
This type of large-holder distribution historically aligns with late-cycle stress rather than early panic. Heavy whale exits have tended to occur near capitulation phases in previous market cycles, often preceding structural reversals once selling pressure is exhausted.
Meanwhile, Ethereum's price held at $1,960 at the time of reporting, staying above the technically significant $1,928 support level despite the persistent distribution.
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Why It Matters: Bottom Formation Signs
Several on-chain metrics point toward a potential bottoming pattern. Data shows the Net Unrealized Profit and Loss (NUPL) indicator has entered the capitulation zone, meaning the average holder faces substantial unrealized losses — a condition that preceded meaningful reversals in prior cycles.
The Pi Cycle Top Indicator reinforces this reading, with current data showing extreme divergence between short-term and long-term moving averages. Similar separation patterns have historically marked recovery zones, though timing remains uncertain.
A sustained hold above $1,928 could allow ETH to challenge resistance at $2,027, with a move past $2,108 confirming a breakout from consolidation. A breakdown below $1,928, however, would expose $1,820 as the next floor, with further weakness potentially extending toward $1,750.
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