Whales Dump 230,000 ETH in a Week – What Lies Ahead for Ethereum?

Ethereum (ETH) has seen a significant downturn of almost 15% over the last week, currently trading just over $3,000. This drop comes as major holders offload substantial amounts of ETH.

With both on-chain metrics and technical signals indicating stress within the market, traders are keenly observing critical support levels.

Whales Dump 230,000 ETH

According to data from analyst Ali Martinez, wallets that contain between 1,000 and 10,000 ETH have sold around 230,000 tokens in the past week. Holdings in this bracket decreased from approximately 14.4 million ETH to 14.17 million. This selling spree aligns with the price drop from about $3,600 to slightly over $3,200 between November 9 and November 17.

“230,000 Ethereum $ETH sold by whales in the past week! Link” — Ali (@ali_charts) November 18, 2025

Large wallet movements can heavily influence market prices. If whales continue to sell during a downtrend, it may lead to heightened market pressure and diminished short-term confidence. Conversely, if this selling activity halts, it could enable a modest recovery in the short term.

Absence of New Investors Weighs on Growth

As noted in a recent update by PelinayPA from CryptoQuant, there has been little new depositor activity on the Ethereum network. This metric indicates how many new investors are entering the network and can reflect retail market interest. Even when ETH surged into the $4,000 to $5,000 range, the influx of new users did not see a significant rise.

“The market may still be in an early rally phase, with major retail participation yet to arrive,” the analyst mentioned.

In previous cycles, ETH typically showed upward movement following a correction once retail buyers began to participate. Until that occurs, bullish moves are attributed to existing liquidity, making sharp pullbacks more probable.

Traders Eye Key Support Levels

Crypto Patel noted that ETH has reached the $3,000 zone, marking it as a critical area for buyers to consider. He identified $2,400 as the next major level should prices keep falling. Additionally, Fibonacci levels around $2,621 and $2,255 are also significant longer-term zones to monitor.

Chart data analyzed by Lucky indicates ETH is tracing a falling channel, positioned near the lower edge in the $2,900 to $3,100 range, consistent with prior gaps on the chart. If ETH maintains its position here and breaches the upper trendline, it could aim for $4,000. A failure to hold could mean revisiting previous support levels.

Ethereum Chart Source: Lucky/X

Market Sentiment and Liquidity Challenges

Several analysts believe ETH is currently trapped within a delicate trading range. Ted stated that there is a concentration of liquidity near the $2,900–$3,000 level.

“With BTC showing weakness, I think Ethereum will sweep that level,” he commented.

He also highlighted potential resistance at $3,600 if ETH undergoes a rebound.

ETH is approximately 39% below its peak of around $4,950 from August 2025. Market participants are carefully observing its current performance at support levels, as shifts in whale activity or new user engagement could heavily influence outcomes.