Ethereum (ETH) has experienced a significant downturn, dropping nearly 15% over the past week and is currently trading just above the $3,000 mark. This decline is attributed to substantial selling activity from major holders of the cryptocurrency.
Both on-chain data and technical indicators suggest market stress, leading traders to closely monitor key support levels for Ethereum.
Whales Sell 230,000 ETH as Price Falls
According to analyst Ali Martinez, wallets holding between 1,000 and 10,000 ETH collectively sold approximately 230,000 tokens in the last seven days. This resulted in a decrease in total holdings for this cohort from around 14.4 million ETH to 14.17 million ETH. This selling pressure aligns with the observed price drop from approximately $3,600 to just over $3,200 between November 9 and November 17.
230,000 Ethereum $ETH sold by whales in the past week! pic.twitter.com/WS5xhUN6EB
— Ali (@ali_charts) November 18, 2025
The activity of large wallet holders often has a notable impact on market prices. When whales engage in selling during a downward trend, it can exacerbate downward pressure and diminish short-term market confidence. If this selling behavior persists, ETH may face further declines, potentially retesting lower price levels. Conversely, a cessation of selling could provide support for a short-term price recovery.
Lack of New Investors May Be Slowing Momentum
Data from a CryptoQuant update, shared by analyst PelinayPA, indicates that new depositor activity on the Ethereum network has remained stagnant. This metric, which tracks the influx of new users into the network, serves as a gauge for retail demand. Notably, even during ETH’s recent surge into the $4,000–$5,000 range, there was no corresponding increase in the number of new users.
“The market may still be in an early rally phase, with major retail participation yet to arrive,” the analyst wrote.
Historically, in similar market cycles, ETH has seen upward price movements following a correction, once retail buyers began to enter the market. Until this broader retail participation materializes, the current price action is largely attributed to existing liquidity. Without a significant increase in external demand, the market remains susceptible to sharp pullbacks.
Traders Focus on Key Support Zones
Analyst Crypto Patel has indicated that ETH has reached the $3,000 zone, identifying it as the initial area of interest for potential buyers. He further suggested that $2,400 represents the next significant level to watch if the price continues its downward trend. Fibonacci-based support zones around $2,621 and $2,255 were also highlighted as important areas for longer-term observation.
Chart analysis from Lucky suggests that ETH is currently trading within a falling channel. The asset is positioned near the lower boundary of this channel, approximately between $2,900 and $3,100, which corresponds to a previous gap identified on the chart. A hold at this level and a subsequent break above the upper trendline could potentially drive the price towards $4,000. However, failure to hold this support may lead to a decline towards earlier support levels.
Liquidity and Sentiment Remain Mixed
Some market observers believe that ETH is currently trading within a precarious range. According to trader Ted, there is a notable cluster of liquidity situated near the $2,900–$3,000 price area.
“With BTC showing weakness, I think Ethereum will sweep that level,” he said.
Ted also pointed out potential resistance levels around $3,600 should ETH experience a rebound.
Currently, ETH is trading approximately 39% below its all-time high of around $4,950, which was established in August 2025. Market participants are closely observing Ethereum's performance at its current support level. Shifts in whale activity or significant new user inflows could influence the future trajectory of the asset.