ETH Whales Wake Up and Cash Out as Ethereum Slides Toward $2,000

Ethereum (ETH) is trading near $2,032 after breaking below critical support levels. Bears now control the market as long-dormant whales begin offloading large ETH positions. The combination of weak technicals and fresh selling pressure pushes ETH closer to the $2,000 psychological floor.

The price failed to hold above $2,150 and dropped below $2,080 soon after. It then broke below the 100-hourly Simple Moving Average, confirming bearish momentum. This move followed a swing high of $2,199, marking a sharp and swift decline.

A bearish trend line now forms at $2,135 on the hourly ETH/USD chart. The 23.6% Fibonacci retracement level sits near the current consolidation zone. Ethereum needs to break above $2,135 to shift momentum back toward bulls.

ETH Technical Breakdown Signals Deeper Losses Ahead

Immediate resistance stands at $2,100, with the 50% Fibonacci level aligning near $2,120. A clean break above $2,135 could open the door to $2,200 and beyond. Further targets above include $2,245 and $2,320 if buying pressure returns.

On the downside, losing the $2,020 support level exposes ETH to $1,980 next. A break below that level puts $1,950 in direct sight. The deeper floor sits at $1,880, which would mark a significant loss of ground.

The hourly MACD continues losing momentum in bearish territory. The RSI remains below 50, confirming sellers hold the upper hand. Both indicators align to suggest the path of least resistance remains downward.

Dormant Whales Offload Tens of Millions in ETH

An early Ethereum holder dormant for two years moved 15,000 ETH to Coinbase, worth roughly $30.97 million. That wallet originally participated in Ethereum's initial coin offering back in 2014. The holder used a dollar-cost averaging strategy to accumulate 17,400 ETH at approximately $11.6 per coin on Poloniex.

The wallet still holds 14,800 ETH, currently valued at around $30.5 million. This indicates the holder did not exit the position entirely but reduced exposure significantly. The deposit to Coinbase signals a clear intent to liquidate a portion of long-held gains.

Separately, on-chain tracking platform Lookonchain flagged another major exit on March 23. A wallet identified as 0xa2F6 sold 15,002 ETH for approximately $30.97 million. That same wallet had received 172,700 ETH a decade ago at $12.83 per coin, a position then worth just $2.2 million. At current prices, the total holdings from that wallet reflect gains exceeding 16,082%, reaching roughly $356 million. These two sales combined represent over $61 million in ETH hitting the market within days, adding direct downward pressure on price.