Ethereum is facing renewed bearish pressure as its price continues to fall, driven in part by a halt in whale accumulation. 

The slowdown in buying from major holders has weakened market support at a time when broader conditions are already unfavorable. If long-term holders begin selling, the decline could intensify.

Ethereum Holders Seem To Be On The Edge

Whales appear to be losing confidence in Ethereum’s near-term recovery. Addresses holding between 1 million and 10 million ETH were accumulating aggressively at the start of the month. That trend has now paused as ETH continues to drop, signaling hesitation among the network’s most influential participants.

This shift suggests reduced conviction in the asset’s ability to rebound quickly. Whale accumulation is often a key driver of upside momentum, and the absence of sustained buying creates additional vulnerability. Without renewed support from these large holders, Ethereum may struggle to stabilize.

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Ethereum Whale Holdings. Source: Santiment

Macro indicators are reinforcing this caution. The MVRV Long/Short Difference has fallen to a four-month low, highlighting growing strain among both long-term and short-term holders. The metric shows whether long-term holders are in profit relative to short-term holders, and positive values typically reflect strong LTH confidence.

However, the indicator’s decline indicates that long-term holders are losing profitability. If this trend deepens, it could trigger selling from long-term investors seeking to protect remaining gains. Such selling pressure would weigh heavily on Ethereum and accelerate its current downtrend.

Ethereum MVRV Long/Short Difference. Source: Santiment

ETH Price Could Continue Its Decline

Ethereum’s price has dropped 7.4% in the past 24 hours, pressured by bearish macro conditions and weakening investor confidence. These factors point to a continuation of the downtrend unless sentiment shifts significantly.

ETH has fallen below $3,000 for the first time in more than four months and currently trades at $2,801. With the loss of $2,814 support, the next downside target sits at $2,681. A break below this level could send the price toward $2,606, signaling deeper weakness.

ETH Price Analysis. Source: TradingView

If market conditions improve and long-term holders avoid selling, Ethereum could mount a recovery. A rebound toward $3,000 would be the first sign of strength. Breaking above that barrier could push ETH to $3,131 or higher. This would invalidate the bearish outlook and restore confidence.