- Ethereum whales sold roughly 550,000 ETH worth around $880 million in just one week, adding heavy selling pressure.
- Analysts warn a break below key support could trigger another wave of liquidations and send ETH toward fresh cycle lows.
- Despite the bearish outlook, major corporate buyers including SharpLink and BitMine continue accumulating millions of dollars worth of ETH.
Ethereum remains under intense pressure, even after bouncing roughly 5% from its recent multi-year low just above the $1,500 mark. The recovery has offered traders a bit of relief, but the broader trend hasn’t really changed. Selling pressure is still dominating, and confidence across the market remains shaky.
One of the few bright spots over the past couple of weeks has been the return of SharpLink, which has resumed buying Ethereum after months on the sidelines. Outside of that, though, large investors have continued reducing their exposure.
Whales Continue Offloading Ethereum
According to crypto analyst Ali Martinez, Ethereum whales unloaded around 550,000 ETH over the past week. At current prices, that’s approximately $880 million worth of ETH entering the market, creating a significant wave of sell-side pressure.
Martinez believes this aggressive selling has played a major role in Ethereum slipping below its first key support level at $1,633. He also pointed to weak demand from spot Ethereum ETF investors as another reason for the decline.
Earlier this week, Ethereum ETFs recorded more than $270 million in net outflows as ETH slid toward the $1,500 level for the first time in over a year. That combination of institutional selling and whale distribution has left bulls struggling to regain momentum.
Using URPD (UTXO Realized Price Distribution) data, Martinez highlighted $1,583 as one of Ethereum’s most important support zones. If that level fails to hold, he believes the market could see another wave of forced liquidations.
His downside targets now sit between $1,237 and $1,089, levels that would mark fresh cycle lows if bearish momentum continues.
Fellow analyst Ted Pillows echoed a similar view. He noted that Ethereum is currently trapped between strong support near $1,500 and resistance around $1,700. A decisive move above $1,700 would likely signal renewed strength for bulls, while losing $1,500 could hand complete control back to sellers and potentially send ETH to new lows.
Corporate Buyers Keep Accumulating
While many whales continue selling, some of Ethereum’s biggest corporate holders are doing the exact opposite.
BitMine has remained a consistent buyer throughout the market downturn, steadily adding to its holdings even as prices weakened. The bigger surprise, however, has been SharpLink’s return to the market.
The company, chaired by Ethereum co-founder Joe Lubin, made its first ETH purchase in eight months on Friday. Since then, it hasn’t slowed down.
Blockchain analytics platform Lookonchain reported that SharpLink recently acquired another 29,196 ETH worth approximately $46.7 million. Altogether, the company has accumulated more than $62 million in Ethereum over just the past three days.
That steady buying suggests some institutional players still see long-term value in Ethereum, even as short-term sentiment remains overwhelmingly bearish.
