Ethereum (ETH) dropped below $2,120 and slid toward the $2,020 level as bearish technical signals intensified and on-chain data revealed that long-dormant whales have begun offloading tens of millions of dollars worth of the token.

ETH Technical Breakdown

The price failed to hold above $2,150 and broke below both the $2,080 mark and the 100-hourly Simple Moving Average. A low formed at $2,032.

A bearish trend line now sits at $2,135 on the ETH/USD hourly chart. The 23.6% Fibonacci retracement level of the move from the $2,199 swing high to the $2,032 low is near the current consolidation zone.

Immediate resistance stands at $2,100, with the 50% Fib level aligning near $2,120. A break above $2,135 could open the path to $2,200, and beyond that to $2,245 or $2,320. On the downside, losing $2,020 support would expose $1,980 and potentially $1,950, with $1,880 serving as a deeper floor. The hourly MACD is losing momentum in bearish territory, and the RSI remains below 50.

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Whale Sell-Offs Compound Pressure

The technical weakness coincides with large-scale selling by early ETH holders. Researchers reported that a whale dormant for two years deposited 15,000 ETH — roughly $30.97 million — to Coinbase.

That whale had participated in Ethereum's initial coin offering and used a dollar-cost averaging strategy to buy 17,400 ETH at about $11.6 per coin on Poloniex. The wallet still holds 14,800 ETH worth approximately $30.5 million.

Separately, Lookonchain identified another sale on X. An early holder with wallet address 0xa2F6 sold 15,002 ETH on Mar. 23 for roughly $30.97 million. That wallet had received 172,700 ETH a decade ago at $12.83 per coin — a $2.2 million position then. At current prices, total holdings from that wallet have gained more than 16,082%, reaching about $356 million.

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