230,000 ETH Sold by Whales in a Week – How Low Can Ethereum Go?

Ethereum (ETH) has dropped nearly 15% over the past week, now trading just above $3,000. The decline follows large-scale selling by major holders.

With both on-chain and technical data showing stress across the market, traders are watching closely to see if the asset can hold key levels.

Whales Sell 230,000 ETH as Price Falls

Data from analyst Ali Martinez shows that wallets holding between 1,000 and 10,000 ETH sold around 230,000 tokens over the past week. Total holdings in this range fell from about 14.4 million ETH to 14.17 million. This activity lines up with the drop in price from around $3,600 to just over $3,200 between November 9 and November 17.

Large wallet activity often affects the price. When whales sell during a downtrend, it can add pressure and reduce short-term confidence. If this behavior continues, ETH could retest lower levels. A pause in selling, however, could support a short-term recovery.

Lack of New Investors May Be Slowing Momentum

According to a CryptoQuant update from analyst PelinayPA, new depositor activity on the Ethereum network remains flat. This metric tracks how many new users are entering the network and is used to gauge retail demand. Even during ETH’s recent run to the $4,000–$5,000 range, the number of new users did not increase.

In similar past cycles, ETH moved higher after a correction once retail buyers started entering. Until then, the move is seen as driven by existing liquidity. Without stronger external demand, sharp pullbacks are more likely.

Traders Focus on Key Support Zones

Crypto Patel shared that ETH has hit the $3,000 zone, calling it the first area of interest for buyers. He pointed to $2,400 as the next major level if the price continues to drop. Fibonacci-based areas around $2,621 and $2,255 were also mentioned as longer-term zones to watch.

Chart data from Lucky shows ETH in a falling channel. The asset is near the lower edge, around the $2,900 to $3,100 range, which matches a previous gap on the chart. If ETH holds this area and breaks the upper trendline, the next move could push toward $4,000. If not, a drop to earlier support may follow.

Source: Lucky/X

Liquidity and Sentiment Remain Mixed

Some analysts believe ETH is still trading in a fragile range. According to trader Ted, there is a cluster of liquidity near the $2,900–$3,000 level.

He also noted potential resistance near $3,600 if ETH sees a bounce.

ETH is about 39% less than its peak of around $4,950 established in August 2025. Now, the market players are keeping an eye on its performance at the present support level. Whale activity shift or new user inflows could have an impact on the future scenario.

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