Ethereum (ETH) Price: Retail Dumped, Whales Loaded Up — The ETH Battle at $2,300 Explained

TLDR

• ETH is trading near $2,300, down 5% over two days, erasing weekend gains
• $2,200 is the next key support zone where the 50-day and 100-day SMAs converge
• $2,400 is the critical resistance level bulls need to reclaim
• Retail wallets sold 756K ETH over the past week, while whales added 60K ETH
• A break above $2,400 would trigger over $1.94 billion in short liquidations

Ethereum is trading around $2,290–$2,300 after falling 5% over two days, wiping out gains made over the weekend. The price is now stuck between the 100-day exponential moving average (EMA) at $2,350 above and the 100-day simple moving average (SMA) at $2,220 below.

Analysts say this range could hold for a few more days before a clear direction emerges.

Telegram analyst Technical Crypto Analyst noted that ETH lost its $2,300 support trendline. “We can probably expect Ethereum to drop, and it might even hit the lower support level in the next few days,” the analyst said. “A solid breakdown with good volume would confirm this.”

Trader Daan Crypto Trades pointed to $2,100 as support and $2,800 as a key resistance level that ETH has respected for several years. Below $2,200, analysts are watching the $2,000 psychological level and the $1,800–$1,750 zone, which aligns with the multi-year low set on February 6.

Supply Pressure From Retail Sellers

On-chain data shows the Accumulation Addresses Realized Price (AARP) at $2,400 has been acting as resistance since Ethereum fell below it in February. Each time price has approached that level, selling pressure has returned.

Retail wallets — those holding between 100 and 10,000 ETH — distributed roughly 756,000 ETH over the past week. Most of those tokens were sold at a loss, suggesting panic or loss-cutting behavior.

Whales moved in the opposite direction, adding around 60,000 ETH to their holdings. While their pace of accumulation slowed, they did not sell.

In the derivatives market, funding rates for ETH perpetuals have been consistently negative, meaning short positions have dominated. Open interest has also ticked downward over recent weeks.

The $2,400 Level and What Breaks It Could Mean

According to liquidation data from CoinGlass, a move above $2,400 would trigger over $1.94 billion in short liquidations across exchanges.

On-chain data from Lookonchain showed that Bitmine, linked to Fundstrat’s Tom Lee, purchased another 45,000 ETH worth approximately $103.5 million via FalconX and BitGo.

The RSI sits near 52, showing balanced momentum. The Stochastic Oscillator has pulled back toward oversold territory, which analysts say could limit further downside if ETH holds its current EMA support band.

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