Key Insights
- Ethereum price is testing $1,811, the last major support before $800.
- Whale buying has slowed, showing weak confidence in current levels.
- BitMine faces growing paper losses as ETH weakness continues.
Ethereum price keeps falling. While the crypto market is down 6%, ETH price corrected by over 8%, underperforming even BTC. But that’s not the entire story. Since mid-January, Ethereum has been down close to 40%. Several bounce attempts have failed.
More importantly, large holders are no longer stepping in the way they did during earlier dips. That is changing the risk picture even for the treasury firms, not just traders. And that even makes a key lower-level risk open up.
Ethereum Price Structure Is Weak and Getting Weaker
From a chart perspective, Ethereum price has lost an important zone near $2,160–$2,200. This area had acted as support multiple times in the past. Once it failed, selling picked up quickly.
The next major Ethereum (ETH) price support sits near $1,811. If $1,811 fails, the chart opens up.
Below that, the next major downside zone sits near $800. That level aligns with long-term cycle supports and previous multi-year ranges. It also matches the 1.618 extension on several longer-term models.
A move toward $800 would mean a drop of more than 60% from recent highs.
For Ethereum price to regain strength, the price would need to reclaim $2,160 first. Without that, any bounce remains weak. Above $2,600 would be the next serious resistance. Until then, the trend stays negative.
Ethereum Momentum and Whale Behavior Show Weak Demand
Momentum indicators are not helping the bullish case. The Relative Strength Index has been moving lower alongside price.
During earlier Ethereum price pullbacks, RSI showed bullish divergences. This time, it is not happening. Each drop is being confirmed by weakening momentum.
That usually means sellers are still in control. On-chain data tells a similar story.
Between Feb. 2 and Feb. 3, large Ethereum wallets added to their positions. At that time, many believed the ETH price dip was a buying opportunity.
That behavior has now stopped. Since Feb. 3, whale holdings have slowly declined. Supply held by large wallets has dropped from around 113.93 million ETH to near 113.79 million ETH.
The change is not dramatic, but the direction matters. Instead of accumulating more, large holders are reducing exposure. That shows hesitation on the potential future movements of Ethereum price.
In strong markets, whales buy aggressively during drops. In weak markets, they step aside or sell slowly. Right now, Ethereum looks closer to the second case. This lack of support makes recoveries harder.
BitMine’s Ethereum (ETH) Treasury Faces Rising Pressure
The weakness in Ethereum (ETH) price is also affecting companies that hold large ETH treasuries.
BitMine, backed by Tom Lee and Fundstrat, holds more than 4.28 million ETH. At current prices, that position is worth around $8–9 billion. During recent peaks, it was valued much higher.
With ETH falling below $2,100, BitMine is now sitting on more than $7 billion in paper losses. That does not mean forced selling is coming. But it does increase pressure.
Treasury-based crypto companies depend on market confidence. When prices fall deeply below entry levels, investors start questioning balance sheet risk, financing costs, and long-term sustainability.
If Ethereum price continues lower, that narrative becomes harder to defend. It also affects sentiment across the sector. When large treasury players struggle, smaller firms often feel the impact next.
Right now, ETH price remains in a vulnerable position. To reduce downside risk, three things would need to happen.
First, the Ethereum price must hold above $1,811. Losing that level would likely accelerate selling. Second, RSI needs to stop falling and form a higher low.
Without that, momentum remains negative. Third, whale accumulation needs to return. Large wallets stepping back in would signal Ethereum price confidence.
