Ethereum stalls: Can whale demand prevent ETH’s drop to $1,930?

At press time, Ethereum [ETH] traded at $2056, down 5.56% on the daily charts, adding to its weekly losses. Interestingly, amid this market pullback, whales and institutional investors took the opportunity to accumulate ETH.

Ethereum whales continue to buy the dip

Although Ethereum has recorded relatively low performance through 2026, whale activity has remained elevated.

Spot Average Order Size data showed large whale orders for two consecutive months. While some whales have sold during this time to reduce exposure, others have continued to accumulate.

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Source: CryptoQuant

Onchain Lens reported that four wallets belonging to the same whale withdrew 32,880 ETH, worth $70.03 million.

The whale created these wallets 113 days ago, suggesting the whale had been patiently waiting to enter the market. Such a strategic entrance indicated the whale saw the prevailing conditions as ideal for repositioning.

In addition to whale accumulation, institutional investors have continued to purchase ETH. Notably, Bitmine has continued with its buying spree, accumulating 45k ETH worth $95.3 million.

Rising whale and institutional accumulation signals sustained confidence in ETH despite recent performance. Moreover, extended periods of strong buying pressure increase scarcity, which in turn boosts price performance.

Source: CryptoQuant

In fact, Exchange flows validate this rising scarcity. According to CryptoQuant data, Ethereum’s Exchange Supply Ratio has dropped to its lowest level since 2017.

Such a massive slip suggests that market players are accumulating ETH more than ever before, especially now that institutions are part of the market.

Is the demand adequate to boost ETH?

Although ETH has struggled to maintain upward momentum, weak market demand is not the main driver. Instead, ETH is experiencing heavy accumulation across all market participants.

Yet, despite strong whale and institutional positioning, ETH remains locked in a bearish structure. The downtrend is intensifying, and the Relative Strength Index (RSI) confirms this weakness.

Source: TradingView

At press time, the RSI made a bearish crossover, falling to 47, indicating the weakening market demand. At the same time, ETH fell below its 20- and 50-day EMAs, further validating the trend’s strength.

Such market conditions point to continued weakness if external market forces remain unfavorable. Under such circumstances, ETH could slip below the $2k support and seek support around $1,930.

However, if external market forces cool off while whales and institutions continue to pile in, ETH could reclaim $2,100 and eye $2,397.

Final Summary

• Ethereum whale accumulated 32,880 ETH, worth $70.03 million, while Bitmine added 45k ETH worth $95.3 million.
• _ETH remains stuck within a bearish structure, although the Exchange Supply Ratio dropped to 2016 levels. _