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Ethereum continues to trade sideways as uncertainty impacts the broader cryptocurrency market. The altcoin king has struggled to regain decidedly bullish momentum.
While the current structure suggests that a bottom may be forming, the big bulls seem to be making aggressive moves.
The sale of Ethereum whales has not stopped
The Ethereum whales have shown Erratic behavior in recent sessions. Sharp accumulation phases were followed by an equally strong distribution. These fluctuations indicate uncertainty among participants with large capital.
In the last two weeks, addresses holding between 100,000 and 1 million eth have sold about 1.43 million eth. At current valuations, this equates to about $2.7 billion. This wide distribution significantly affects liquidity conditions.
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This level of sales often reflects late cycle jitters rather than early panic. Historically, heavy whale releases are usually close to surrender milestones. Large holders sometimes reduce exposure before a broader acceptance of the market bottom. These incidents are often preceded by structural inversions when piezo shoes are sold.
Ethereum Bottom Signals Strengthen
String data provides additional context. The Net Unrealized Profit and Loss, or NUPL, indicator shows that Ethereum is in a capitulation zone. This reading indicates that average earners face significant unrealized losses.
In previous cycles, similar cases of NUPL were preceded by significant reversals. However, Ethereum usually stops In this area for long periods. Surrender does not mean immediate recovery.
Sustained time in the waiver range often reduces speculative selling. As the weaker hands exit poses, the remaining holders tend to show stronger conviction. Gradual stabilization of NUPL readings could indicate a waning of bearish momentum before a recovery begins.
The top Pi cycle indicator also supports a narrative Possible drop in the value of ETH . This measure tracks the relationship between short-term and long-term averages. Historically, convergence signals indicate warming near the tops of the cycle.
On the contrary, a strong divergence between these averages often corresponds to a cyclical bottom. The current reading shows a significant separation between the two curves. Similar branching patterns have previously characterized recovery areas.
Historical examples show that widening gaps have preceded bullish reversals. Although the timing remains uncertain, this structural arrangement is consistent with late-stage correction behavior. Combined with capitulation metrics, the data suggests that Ethereum may be approaching stabilization rather than initial expansion.
The corresponding earnings price remains above the support
The price of Ethereum is trading at $1,960 at the time of writing. The asset remains firmly above the $1,928 support level despite the distribution of whales. This region remains technically important to maintain the structure in the short term.
Although overall sentiment remains cautious, underlying demand has prevented a sudden collapse. Buyers appear to be ready to accumulate levels of value close to expected. Ongoing support may be possible Challenge Ethereum $2,027 resistance. The settlement of $2,108 will confirm a discovery of the consolidation.
However, downside risks cannot be ignored. If the downward impulse intensifies, Ethereum can lose $1,928 worth of support. A breakdown may reveal $1,820 as the next potential level. The weakness may continue towards $1,750, negating the bullish thesis in the near term.
