ETH Eyes $2,800 as Whales Dump and Ethereum ETFs See $234M Outflows

Ethereum ETH $2 949 24h volatility: 6.4% Market cap: $356.34 B Vol. 24h: $30.17 B price has come under strong selling pressure amid the broader crypto market sell-off on Dec. 16.

At the time of writing, ETH is down 6.73% and trading below the $3,000 support level, with analysts forecasting further declines. Selling by Ethereum whales and outflows from ETH ETFs are adding to the bearish sentiment.

ETH Price Can See Further Downside Amid Selloff

With a strong sell-off in the broader crypto market, ETH price has lost its crucial support at $3,000.

Market analyst Ted Pillows said Ethereum has entered a critical technical zone, adding that the asset is currently trading without nearby support levels.

Pillows warned that ETH must reclaim the $3,000 mark to stabilize, or it risks a deeper decline toward levels below $2,800.

Another market analyst, Crypto Patel, shared a somewhat similar opinion. He noted that the ETH price faced a rejection around the fair value gap (FVG) of $3,400. Since then, it has seen a drop to around $2,900.

According to Patel, the $2,600 level is now the most critical support to watch. A confirmed break below that threshold could open the door to an additional decline toward the $2,000 region.

In the short term, he expects bearish continuation in ETH price action.

Despite the negative near-term outlook, Patel said his long-term view remains constructive.

He noted that he is accumulating ETH on spot market dips, targeting a price range of $10,000 to $15,000 over the next one to two years.

Ethereum Whale Dumping and ETF Outflows

On-chain data shows a massive dump coming from Ethereum whales. Market analyst Ted Pillows reported that two large Ethereum holders sold a combined $41.02 million worth of ETH during today’s session.

The selling follows recent outflows from Ethereum exchange-traded funds. This shows that big players are willing to reduce their exposure to the largest altcoin.

On the other hand, outflows from spot Ethereum ETFs shot to a massive $234 million on December 15.

As per data from Farside Investors, BlackRock’s ETHA led most of the outflows, with none of the issuers having any positive flows.

BlackRock’s spot Ethereum ETF saw net redemptions totaling 47,463 ETH, equivalent to approximately $139.26 million on Dec. 15.

Despite the outflows, trading activity remained elevated at $1.3 billion. As per the on-chain data, the asset manager has deposited another 47,463 ETH worth $140 million to Coinbase.

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