Ethereum Whales Dump $2.7 Billion in ETH, but Bottom Signals Are Flashing

Ethereum whales sold about 1.43 million ETH — roughly $2.7 billion — over the past two weeks, with addresses holding 100,000 to 1 million ETH driving much of the distribution. Sharp accumulation phases have been followed by aggressive distribution, signaling uncertainty among large holders and weighing on liquidity.

On-chain metrics point toward a possible bottom. The Net Unrealized Profit and Loss (NUPL) sits in the capitulation zone, a state that in prior cycles often preceded reversals but can persist for extended periods. The Pi Cycle Top indicator shows meaningful divergence between short- and long-term moving averages, a pattern that has aligned with recovery zones in past cycles.

Price action remains sideways. Ethereum trades at $1,960 and has held the $1,928 support level, which keeps the short-term recovery structure intact. Clearing $2,027 could lead to a test of $2,108 and a breakout from consolidation; a loss of $1,928 would expose $1,820 and potentially $1,750.

ethereum, eth, whales, nupl, pi cycle, accumulation, distribution, liquidity, support 1928, resistance 2027