Key Highlights
- ETH declined approximately 3%, currently trading between $2,280 and $2,293
- Major holders transferred more than 63,000 ETH to Binance exchange
- Whale accumulation declined 21.5% from October 2025 highs
- Open interest surged to 14.85M ETH amid growing short activity
- Ted Pillows highlights subdued spot buying as key pressure point for ETH
Ethereum has experienced a decline of nearly 3% over the last 24 hours, currently trading near $2,280. This downward movement coincides with substantial transfers from large holders to centralized exchanges, typically signaling potential liquidation activity.
Blockchain monitoring platform Lookonchain identified that a wallet associated with Metalpha, a digital asset management firm, transferred 27,000 ETH valued at approximately $62.78 million to Binance. Another significant wallet moved an additional 14,062 ETH, representing $32.82 million, to the platform during the same period.
These transactions came after Bitcoin veteran Garrett Jin deposited 166,000 ETH to Binance on Wednesday, totaling around $396 million. This succession of substantial exchange inflows has intensified worries about mounting selling momentum.
Market observer Ali Martinez highlighted a broader trend in whale accumulation patterns. Addresses containing 1,000 to 10,000 ETH grew from 12.95 million coins in April 2025, reaching a high of 15.95 million by October 6, 2025. However, these holdings have since contracted to approximately 12.52 million ETH — representing a 21.5% reduction.
Martinez suggested Ethereum requires a “fresh wave of institutional or retail demand” to push toward the $3,000 threshold.
Bearish Momentum Builds in Derivatives Markets
Futures market indicators reveal growing pessimism. Open interest expanded to 14.85 million ETH — the highest level recorded since July of the previous year — while prices continued declining. This pattern, combined with negative funding rates, indicates accelerating short position accumulation.
The 30-day moving average for Ethereum’s Net Taker Volume approaches negative territory, signaling that short traders are gaining dominance in futures trading. Additionally, ETH saw $96.3 million in liquidations during the past day, with long positions accounting for $89.1 million of those forced closures.
Market analyst Ted Pillows shared on X: “$ETH tried to hold above the $2,400 level again but failed. Spot demand is very weak, which is pushing Ethereum lower. Until that changes, ETH will continue to underperform the market.”
Critical Support and Resistance Zones
Technically, Ethereum maintains a position above the 50-day EMA at $2,262 while facing resistance from the 100-day EMA at $2,349. The RSI indicator hovers slightly beneath 50, with the Stochastic Oscillator declining toward the 30 level.
A breakdown below $2,262 would expose support zones at $2,211, followed by $2,107. For upward movement, clearing $2,388 becomes essential to unlock potential toward $2,746.
The $2,300–$2,500 price range has served as a distribution area throughout the past month, with smaller holders offloading approximately 1.5 million ETH during the most recent two-week period.
