Ethereum (ETH) is showing new selling pressure as early investors begin exiting, while market demand continues to slow down. Large transactions from long-term holders and weakening accumulation are raising concerns about ETH’s short-term price direction.
As reported by prominent crypto analyst Crypto Patel, a long-term Ethereum investor has been unloading a major portion of their Ethereum holdings. This ETH whale initially acquired 154,076 ETH with an average price of around $517.
In the past two days alone, 40,251 of its ETH holdings worth $124 million were sent to the exchange Bitstamp. Despite this sale, this ETH whale’s account still possesses 26,000 ETH, worth approximately $80 million.
Moreover, the analyst highlighted that this early investor was able to expand an initial investment of around $80 million to over $550 million at the peak price of ETH. However, the recent sales indicate that the early buyers may be taking profits even as the smaller buyers wait for a new all-time high. This has added more pressure to the price of ETH.
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Furthermore, another analyst, Ted, pointed out weaknesses on the institutional side. The ETH-based treasury firms were taking purchasing interest quite at first. But this trend has now begun to slow down.
BitMine was taking buying interest in buying ETH before. But now, it has slowed down. Otherwise, ETH could have a hard time keeping moving upward.
At the time of writing, ETH is trading at $3,091, marking a drop of 0.87% over the last 24 hours. The total trade volume for the last 24 hours is recorded to be around $12.75 billion, with the current market cap of ETH being around $373 billion.
Overall, ETH is one of the largest and most followed cryptos, but it appears that the liquidation of early investors, coupled with a slowdown in purchases for treasuries, might form a resistance for growth.
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