Ethereum continues to trade sideways as uncertainty weighs on the broader crypto market. The altcoin king has struggled to regain decisive bullish momentum.

While the current structure suggests potential bottom formation, large holders appear to be making aggressive moves.

Ethereum Whales Selling Has Not Stopped

Ethereum whales have demonstrated erratic behavior in recent sessions. Sharp accumulation phases have been followed by equally aggressive distribution. This volatility signals uncertainty among high-capital participants.

Over the past two weeks, addresses holding between 100,000 and 1 million ETH have sold approximately 1.43 million ETH. At current valuations, that equals roughly $2.7 billion. Such large-scale distribution significantly impacts liquidity conditions.

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This level of selling often reflects late-cycle stress rather than early panic. Historically, heavy whale exits tend to occur near capitulation phases. Large holders sometimes reduce exposure before the broader acceptance of a market bottom. These episodes frequently precede structural reversals once selling pressure exhausts.

Ethereum Bottom Signals Strengthen

On-chain data provides additional context. The Net Unrealized Profit and Loss, or NUPL, indicator shows Ethereum in the capitulation zone. This reading indicates that average holders face substantial unrealized losses.

In prior cycles, similar NUPL conditions preceded meaningful reversals. However, Ethereum typically remains in this zone for extended periods. Capitulation does not imply immediate recovery.

Sustained time in the capitulation band often reduces speculative selling. As weaker hands exit positions, remaining holders tend to exhibit stronger conviction. Gradual stabilization in NUPL readings can signal diminishing downside momentum before recovery begins.

The Pi Cycle Top Indicator also supports a potential ETH bottoming narrative. This metric tracks the relationship between short-term and long-term moving averages. Historically, convergence signals overheating near cycle tops.

Conversely, extreme divergence between these averages often aligns with cyclical bottoms. Current readings show meaningful separation between the two curves. Similar divergence patterns previously marked recovery zones.

Historical instances demonstrate that widening gaps preceded upward reversals. Although timing remains uncertain, this structural setup aligns with late-stage correction behavior. Combined with capitulation metrics, the data suggests Ethereum may be approaching stabilization rather than early bear expansion.

ETH Price Holds Above Support

Ethereum trades at $1,960 at the time of writing. The asset has consistently held above the $1,928 support level despite whale distribution. This zone remains technically significant in maintaining short-term structure.

Although overall sentiment remains cautious, underlying demand has prevented a sharper breakdown. Buyers appear willing to accumulate near perceived value levels. Sustained support may enable Ethereum to challenge the $2,027 resistance. Clearing $2,108 would confirm a breakout from consolidation.

However, downside risks cannot be ignored. If bearish momentum intensifies, Ethereum could lose $1,928 support. A breakdown may expose $1,820 as the next potential floor. Continued weakness could extend toward $1,750, invalidating the near-term bullish thesis.