- Ethereum has dropped to $2,476 after facing strong rejection at $2.7K, with rising sell pressure from both whales and retail traders signaling a bearish trend.
- Key support lies at $2.2K, and a failure to hold this level could trigger a deeper correction toward $2K.
Ethereum [ETH] has taken a sharp downturn after a short-lived rally to $2,700 earlier this week. The world’s second-largest cryptocurrency slipped to $2,476 at press time, marking a 3.05% decline in the past 24 hours.
The rejection at the $2.7K resistance level has triggered a wave of selling, evident across both spot and derivatives markets. According to data from CryptoQuant, the 14-day Moving Average of Ethereum’s Taker Buy-Sell Ratio plummeted—indicating an aggressive influx of sell orders overshadowing buy demand.
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Adding to bearish sentiment, IntoTheBlock data revealed that Ethereum whales are actively offloading their holdings. The Large Holder Netflow flipped negative, with over 188.6K ETH sold, resulting in a net outflow of -12.7K ETH in a single day. This shift suggests even long-term investors are trimming their positions, amplifying downward pressure.
Retail sentiment mirrors this trend. Spot market activity shows a significant imbalance: 113.1K ETH were sold compared to 90K bought over the past day, creating a negative delta of 22.53K. This pattern underscores a strong sell-side dominance as investors race to lock in profits or cut losses.
Now, eyes are on the next critical support zone: $2,200. If ETH fails to hold this level, the door opens for a possible retest of the psychological $2,000 mark. Conversely, maintaining above $2.2K could indicate a short-term consolidation range before potential bullish momentum resumes.
While the market appears overwhelmed by sellers, some analysts caution against panic. If the ongoing decline is largely driven by short-term traders—often dubbed “weak hands”—it might signal a healthy correction within a broader bullish structure.
Still, with whales exiting and sell pressure rising, Ethereum’s immediate outlook leans bearish. Traders and investors should monitor price action closely around the $2.2K support level, as it may determine ETH’s direction in the coming days.
