Ethereum whales sold $2.8B; wedge breakdown could drive a 16% drop

BeInCrypto reported that large Ethereum holders sold aggressively over the past week, with addresses holding 10,000–100,000 ETH offloading more than 1.1 million ETH — a distribution valued at over $2.8 billion — contributing to recent downside pressure.

The article says this whale selling has added direct pressure on spot markets, with liquidity absorbing supply at lower prices and accelerating short-term downtrends, reinforcing bearish momentum and helping push ETH below key technical levels.

Macro data cited by BeInCrypto shows the total supply in profit has fallen below 50%. The report notes this can increase fear among holders and, while it may temporarily reduce profit-taking, it also raises the risk that deeper losses could prompt further selling.

According to the analysis, Ethereum was trading near $2,636 at the time of writing after a 12.7% drop over two days. A bearish ascending-wedge breakdown projects a further 16% decline, targeting about $2,465, after ETH fell below the $2,802 support that confirmed the pattern’s breakdown.

The outlet adds a recovery path remains possible: holding $2,570 could allow buyers to push toward $2,802, and reclaiming that level as support would invalidate the bearish thesis. It remains unclear whether whale distribution will continue or whether support levels will hold.

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