Quick Summary
- ETH declined approximately 3%, currently trading between $2,280 and $2,293
- Major holders transferred more than 63,000 ETH to Binance, sparking selloff concerns
- Large wallet holdings decreased 21.5% from October 2025 high
- Open interest surged to 14.85M ETH amid rapid short position accumulation
- Market analyst Ted Pillows highlights insufficient spot buying pressure weighing on ETH
Ethereum has declined nearly 3% over the last day, currently hovering around $2,280 during the latest trading session. This downturn follows significant movement from major token holders transferring their assets to trading platforms, typically interpreted as preparation for liquidation.
Blockchain monitoring platform Lookonchain identified that an address associated with cryptocurrency asset manager Metalpha transferred 27,000 ETH, valued at approximately $62.78 million, into Binance. Another substantial holder executed a similar maneuver, shifting 14,062 ETH worth $32.82 million to the identical exchange during the same timeframe.
These transactions came after Bitcoin pioneer Garrett Jin deposited a massive 166,000 ETH to Binance on Wednesday, representing roughly $396 million in value. This succession of substantial transfers has intensified worries about mounting sell pressure in the market.
Crypto analyst Ali Martinez highlighted an extended trend in large holder activity. Wallets containing between 1,000 and 10,000 coins accumulated from 12.95 million ETH in April 2025, reaching their zenith of 15.95 million on October 6, 2025. Following that peak, these holdings contracted to approximately 12.52 million ETH—representing a 21.5% reduction.
According to Martinez, Ethereum requires a “fresh wave of institutional or retail demand” to climb back toward the $3,000 threshold.
Bearish Sentiment Dominates Derivatives Market
Futures market indicators are signaling pessimistic momentum. Open interest jumped to 14.85 million ETH—the highest level observed since July of the previous year—despite declining spot prices. This pattern, combined with negative funding rates, indicates aggressive accumulation of bearish positions.
The 30-day moving average for Ethereum’s Net Taker Volume is approaching negative territory, suggesting short-side traders are increasingly controlling futures market dynamics. Additionally, ETH registered $96.3 million in forced liquidations during the past day, with $89.1 million originating from bullish positions.
Market analyst Ted Pillows commented on X, stating: “$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 is maintaining position above its 50-day EMA at $2,262 while facing resistance from the 100-day EMA positioned at $2,349. The RSI indicator sits marginally below 50, while the Stochastic Oscillator trends downward toward 30.
Should ETH breach the $2,262 level, subsequent support zones emerge at $2,211, followed by $2,107. On the bullish side, clearing $2,388 would open the pathway toward $2,746.
The $2,300–$2,500 price corridor has functioned as a distribution area throughout the past month, with smaller market participants liquidating approximately 1.5 million ETH during the last two-week period.
