Ethereum is facing sustained selling pressure, with overall sentiment remaining cautious across the market. Recent large holder activity has added to downside concerns, reinforcing short-term uncertainty. Price action continues to reflect a weak structure with failed recovery attempts.
Currently, ETH is trading near $2,283.06, showing continued pressure in the market. Over the past 24 hours, the asset has dropped by around 2.51%, while daily trading activity stands at nearly $19.09 billion. The total market value of Ethereum is about $275.54 billion, giving it a 10.99% dominance in the broader crypto market.
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Despite the price decline, on-chain activity has drawn attention to a large holder movement. According to data shared by Onchain Lens, a whale wallet recently sold 9,765 ETH for approximately $22.46 million in USDC, executed at an average price of around $2,300 per ETH. This transaction generated an estimated profit of about $2.38 million. After the sale, the same wallet still holds 1,064 ETH, valued at roughly $2.4 million.
The large transfer has added to the cautious tone in the market, as Ethereum continues to follow a downward trend on price charts. Recent movements suggest that ETH attempted a short recovery after being in oversold conditions, but the recovery has not yet shown strong follow-through.
A major technical level to watch is $2,500, which previously acted as a consolidation area. It has now turned into a strong resistance zone. If Ethereum approaches this level again and fails to break above it, selling pressure could strengthen once more, continuing the broader downward direction.
On the lower side, several support areas are being closely watched. The first support sits near $2,280, which aligns closely with current price action. Below that, the next support zones are located around $2,190, followed by a deeper level near $2,120, which could act as a longer-term cushion if selling continues.
A different outcome may emerge if Ethereum manages to push above $2,500 and close firmly above it on the daily chart. Such a move would weaken the current downward structure and open the path for a stronger recovery phase.
In that scenario, the next price zones to observe would be around $2,556 as the first barrier, followed by $2,625 as a higher target area.
Ethereum remains in a sensitive phase where price direction is heavily influenced by reactions around the $2,500 level. As long as the price stays below this zone, the broader structure continues to lean downward. Market participants are now closely watching whether support near current levels can hold or if another decline phase begins.
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