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Ethereum price pressure continues after the recent pullback stopped the recovery momentum. ETH is trading at $2,087 and has recovered the $2,000 level, but fails to build a sustainable trend.
Ethereum is challenged not only by resistance levels, but also by indecision among the core groups of the main holders.
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Ethereum whales sell… and then buy back
Whales and long-term holders represent two of the most influential groups in any cryptocurrency market. In the case of Ethereum, the two groups are sending mixed signals. This lack of consistency contributes to the price moving sideways for a long period.
Addresses containing between 100,000 and 1 million ETH sold approximately 1.3 million ETH between February 9th and February 12th. Depending on the site. This sale equates to approximately $2.7 billion in value. However, the same holders purchased 1.25 million ETH in the next 48 hours.
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This rapid reversal represented nearly $2.6 billion in purchases during the same week. This massive back and forth activity creates liquidity without directional bias. As a result, the price of Ethereum remains in a range and does not have a strong or downward trend.
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Long-term Ethereum holders have been hoarding the coin…but are now selling
A measure of the net change in HODL holders’ positions confirms this hesitation. This indicator tracks the movements of the balances of long-term holders. From the end of December 2025, the long-term holders continued Accumulate ETH constantly.
At the beginning of February, this trend changed. Long holders reduced their purchase rate and began a moderate distribution. While the selling pressure has not been strong, it indicates a growing uncertainty among investors, which is generally associated with a strong conviction.
Mixed whale activity, accompanied by caution from long-term holders, limited upside momentum. Without the continued accumulation of these players, the price of Ethereum will have difficulty clearing key resistance levels.
The price of ETH is stuck around $2,000
Ethereum is trading at $2,087 and has successfully recovered the $2,000 level. The next major resistance is located at $2,241. Moving towards this level would require a clear upward bias from the dominant holding groups.
Since there is currently no decisive build-up, the most likely scenario is consolidation. Ethereum may continue to hit near $2,000 while defending the $1,902 support level. The sideways momentum can remain until a clear trend emerges.
If the whales and long-term holders return to the accumulation, Ethereum may be able to break the $2,241 level. The continued rise could extend towards $2,395 and possibly a test of $2,500. Crossing $2,500 will invalidate the bearish hypothesis and confirm a stronger recovery trend.
