Ethereum is facing renewed pressure as large holders begin to feel the impact of the recent correction. Crypto analyst Darkfost reported that the unrealised profit ratio for Ethereum whales has turned negative across every major cohort.
Wallets holding 1,000 to 10,000 ETH are now at -0.21. Wallets holding 10,000 to 100,000 ETH are at -0.18. The largest group of wallets, holding more than 100,000 ETH, is at -0.08. This is important because the ETH price has not yet fallen back to its April low.
Nevertheless, large investors are already in the red. If the price continues to fall, the pressure will increase. Large investors may have to cut their holdings because they will be losing value. This will put more ETH into the market.
History has shown that large holders are often under pressure around medium-term bottoms. Although conditions appear strained, they could represent that the market is trending towards stabilization as opposed to a crash.
Exchange Supply Rises As Ethereum Stays Range-Bound
Data from Bitfinex reveals that Ethereum is trading within a distinct range as exchange balances move back towards 14.7 million ETH. As exchange balances increase, it is generally an indication that more coins are in circulation.
This increase in liquid supply has two potential uses. Some of it could be held as a reserve to sell in case prices drop. Another part of it could be used as margin to collateralize leveraged positions. In any case, an increase in exchange reserves is generally expected to increase volatility risk in the short term.
At the moment, ETH is holding within its current range. The market appears to be cautious, with neither side appearing to have the upper hand. The next few trading sessions may indicate whether this range expands or breaks lower.
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Weekly Structure Signals Possible Accumulation
Meanwhile, analyst Trader Tardigrade points out that the weekly chart of ETH is forming a small box of consolidation, just like before Ethereum’s big move at the end of 2025. Then, Ethereum was held inside a rectangular box before breaking out powerfully.
This looks exactly the same in terms of both form and position within the larger price action channel. Looking at the bigger picture, Ethereum went from approximately $1,500 to nearly $4,800-$5,000 in a strong move.
After completing that move, the price held inside a distribution phase, with lower highs and several breakdowns. A major level around $2,400-$2,600 finally broke, pushing the price quickly towards the $1,800-$2,000 area.
The recent weekly candles indicate a slowing down of the fall and longer lower wicks, indicating dip buying. If ETH forms higher lows and breaks above $2,800-$3,000, that would be the first indication of a structural recovery. A break above that level may open up the way to $3,400-$3,600.
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