Ethereum Price Faces Potential Drop to $2,258 Amid Whale Activity Decline
The altcoin sector, led by Ethereum, shows midterm bearish sentiment. Bitcoin's price fell below $96k, contributing to a total crypto market cap decline of approximately 2.5% to about $3.3 trillion.
Ethereum Price Outlook
- Ether has formed a bearish flag pattern in daily analysis.
- Prices consistently closed below the support level of around $3,035, indicating a correction phase.
- Resistance at $4k prompts further corrections.
- Analyst Altcoin Sherpa suggests potential support levels of $2,529 and $2,258 if selling pressure continues.
Whale Activity
- Ether supply on centralized exchanges decreased from 16.19 million to 15.35 million since early February 2025.
- Transactions over $100k dropped from 6,416 to 3,711 during the same period.
- US spot Ethereum ETFs saw a net cash outflow of $26.26 million last week, totaling a cumulative inflow of $3.15 billion.
Fundamental Insights
- Ethereum maintains leadership in web3 and tokenization with over $59 billion total value locked.
- Institutional investors continue to diversify into Ethereum despite competition from other layer one chains like Solana.
- The upcoming Pectra upgrade aims to enhance network functionality, introducing features such as EIP-7702 (smart contract capabilities for regular accounts) and EIP-7271 (increasing validator stake limits from 32 ETH to 2,048 ETH).