Ethereum (ETH) Slides Below $2,300 as Major Holders Offload 63K Coins - Blockonomi
by Trader Edge · BlockonomiKey Takeaways
Table of Contents
- ETH declined approximately 3%, currently trading between $2,280–$2,293
- Large holders transferred more than 63,000 ETH to Binance, signaling potential selloff
- Whale accumulation decreased 21.5% from October 2025 highs
- Open interest reached 14.85M ETH amid rapid short position expansion
- Market analyst Ted Pillows highlights insufficient spot demand weighing on ETH
Ethereum has experienced a nearly 3% decline over the last 24 hours, with current prices hovering around $2,280 as of this report. This downturn coincides with significant movements by major holders transferring their assets to trading platforms, typically signaling impending liquidation.
Blockchain analytics platform Lookonchain identified that an address associated with cryptocurrency asset manager Metalpha transferred 27,000 ETH, valued at approximately $62.78 million, to Binance. Another significant holder executed a separate transaction, moving 14,062 ETH worth $32.82 million to the identical platform during the same period.
These transactions came after Bitcoin veteran Garrett Jin deposited a massive 166,000 ETH to Binance on Wednesday, representing roughly $396 million in value. This series of substantial transfers has heightened market anxiety regarding additional downward price pressure.
Crypto analyst Ali Martinez highlighted an extended trend in large holder activity. Addresses containing between 1,000 and 10,000 ETH accumulated from 12.95 million coins in April 2025, reaching a maximum 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.
According to Martinez, Ethereum requires a “fresh wave of institutional or retail demand” to breach the $3,000 threshold.
Bearish Sentiment Dominates Derivatives Markets
Futures market indicators are revealing a distinctly pessimistic outlook. Open interest has surged to 14.85 million ETH — the highest level recorded since July of last year — despite concurrent price declines. This pattern, combined with negative funding rates, indicates an accelerating accumulation of bearish positions.
The 30-day moving average of Ethereum’s Net Taker Volume is approaching negative territory, suggesting that bearish traders are increasingly controlling futures market activity. Additionally, ETH saw $96.3 million in forced liquidations during the past day, with $89.1 million stemming from bullish positions.
Market analyst Ted Pillows shared his perspective on X, stating: “$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 maintains a position above its 50-day EMA at $2,262 but faces resistance from the 100-day EMA at $2,349. The Relative Strength Index hovers just beneath 50, while the Stochastic Oscillator trends downward toward 30.
Should ETH breach the $2,262 support level, additional downside targets emerge at $2,211, followed by $2,107. On the bullish side, clearing $2,388 would be necessary to challenge the $2,746 resistance zone.
The $2,300–$2,500 corridor has functioned as a distribution area throughout the past month, with smaller investors liquidating approximately 1.5 million ETH during the previous two weeks.