Ethereum Faces Whale ETH Selling as Price Tests $1,773; Targets $2,000+ or $900
Whales have reportedly sold or redistributed 226,435 ETH in the past 24 hours, worth about $430M, raising concerns that Ethereum (ETH) could turn bearish. Ali Martinez said whale holdings now sit at 26.64M ETH (~22% of circulating supply). He warned that a breakdown below the $1,773 level could pause the current bullish outlook.
Other analysts highlighted a range-bound setup. Crypto Lens argued ETH is stuck between $1,860 and $1,955 and may run a “bull trap”: a push toward $2,000 followed by a drop toward the $1,400–$900 liquidation/liquidity sweep zone.
On the bullish side, Ali Martinez previously pointed to a golden cross and flagged resistance at $1,980–$2,080. If cleared, the next target was $2,773. MikybullCrypto and Gordon expect upside after ETH reclaims $2,000. CrediBULL Crypto went further, claiming ETH is finishing a multi-year base versus BTC and could reach a $20,000 all-time high.
A supportive indicator mentioned: ETH exchange reserves fell to a 10-year low of 15.13M coins (July 29). Lower exchange supply can reduce near-term selling pressure, though whale sell-offs remain the key short-term risk.
For traders, the immediate trigger is ETH’s reaction around $1,773, while upside pivots cluster around $1,980–$2,080 and $2,000; the downside scenario centers on $1,400 and potentially $900.
Bearish
The headline risk is whale selling: 226,435 ETH (~$430M) redistributed in 24 hours, with whales controlling ~22% of circulating supply. Historically, when large holders accelerate selling, it can trigger near-term profit-taking and weaken momentum, especially if price support fails. The article flags a direct technical trigger at $1,773; a breakdown would likely confirm bearish control and accelerate stop-loss/liquidation flows.
However, the same piece includes bullish counter-signals (golden cross, resistance levels to clear, and ETH exchange reserves dropping to a 10-year low of 15.13M). This makes the near-term picture two-sided: whales can pressure rallies, while reduced exchange supply can limit how deep selling goes.
In the short term, traders may watch for a reaction around $1,773; failure could open a path toward the $1,400–$900 liquidity zone described by Crypto Lens. In the longer term, if ETH reclaims $1,980–$2,080 and breaks higher, the bearish thesis could fade and the multi-month bullish targets (e.g., $2,773 and beyond) may reassert—similar to past cycles where large-holder activity caused pullbacks before broader uptrends resumed.