Ethereum, the world’s second-largest cryptocurrency, has slipped into bearish territory after falling to around $2,117. While Bitcoin has managed to recover from its recent dip, now trading above $77,200. The weakness comes as institutional outflows continue, while an ETH whale quietly opens a massive $100 million short position against Ethereum.
Many are now wondering whether Ethereum could face another major price drop.
According to on-chain trackers, the whale opened an ETH short position worth roughly $100.3 million at an average entry price near $2,094. As Ethereum traded around $2,115, the position quickly moved into unrealized losses, with liquidation sitting close to $2,149.
The wallet reportedly has a history of large ETH trades as well.
At the same time, on-chain data showed weakening confidence among large ETH holders. The number of whale wallets holding major ETH balances reportedly dropped from around 1,100 to nearly 1,030 during the latest correction phase.
Even crypto trader TED Pillow says that I sold around ETH 4.5k–4.9k while everyone was euphoric, and I’m still waiting patiently.
The same influencers screaming “higher” are the reason many people are down 80% today.
Institutional demand also remains weak. Spot Ethereum ETFs in the U.S have now recorded 10 straight days of outflows, with roughly $500 million leaving the funds during that period.
The continued withdrawals removed an important source of buying support for ETH while Bitcoin continued attracting stronger institutional attention.
Meanwhile, liquidation data from CoinGlass showed heavy leverage concentration between $2,150 and $2,170, creating strong resistance directly above Ethereum’s current price.
That means if ETH fails to break above those levels, more selling pressure could quickly return.
Ethereum also recently failed to reclaim the important $2,150 resistance level. Crypto trader TED Pillow warned that ETH’s next move now depends heavily on whether buyers can push the price back above that area.
If Ethereum successfully flips $2,150 into support, analysts believe ETH could rebound toward $2,300 in the coming weeks.
However, if ETH falls below the key $2,100 support zone, bearish momentum could increase sharply. In that case, traders are watching the $2,000 level as Ethereum’s next major downside target.
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