Ethereum price under pressure: whale sales and trend reversal are imminent!

Ethereum price under pressure: whale sales and trend reversal are imminent!

As of May 29, 2025, the price of Ethereum (ETH) is below $3,000 despite a 91% increase from its annual low. The current price is $2,727, which is above the 200-day moving average. Technical analysis suggests that Ethereum has formed a bullish pattern. A breakout above the 50-day line could push the price to $2,350-$2,400, implying a potential upside of around 33%, report investx.fr and coinkurier.de.

Data shows that whale addresses sold approximately 200,000 ETH worth $530 million last week. Large address silos are now down to 103.52 million ETH, down from 103.74 million ETH on May 24th. Additionally, social volume around Ethereum has dropped dramatically, from 3,060 to 476, indicating lower activity among traders on communication platforms such as Telegram and X. In addition, the number of active addresses on Ethereum's layers 1 and 2 was only 415,000, well below that of Base with 1.93 million and Celo with 486,000.

Technical indicators and market analysis

Technical analysis shows that Ethereum price has tested the resistance level at $2,722 multiple times. The 200-day moving average has been crossed, indicating a potential price rise. However, a decline below $2,333 could invalidate the bullish perspective. The Volume Profile signals a point of peak trading volume (POC) at $2,550; A price drop below $2,300 could be imminent.

Over the past few months, Ethereum has suffered an annual loss of 46%. In comparison, the price of Bitcoin has remained almost unchanged. Despite adverse circumstances, technical indicators such as the relative strength index (RSI) and the MACD are showing initial positive improvements. Also, the Dencun upgrade, which was even implemented in March 2024, has reduced transaction costs in the Ethereum ecosystem by over 90%, increasing the competitiveness of the network.

Competitive environment and market developments

Competition from Solana and XRP continues to pose a challenge for Ethereum. Solana, which is developing its own Layer 2 solution called Solaxy, aims to process up to 10,000 transactions per second. XRP has emerged as a serious competitor, recording an unbeatable $210 billion in Fully Diluted Valuation (FDV) versus $196 billion for Ethereum. Last week, Ethereum saw $26.7 million in outflows, while XRP saw $37.7 million in inflows.

Despite the challenges, the ETH price remains stable above $1,700 after an interim increase of 12% to around $1,800 on April 22nd. A whale had previously sold 15,000 ETH, weighing on market sentiment. Nevertheless, Elliott Wave analysis shows a bullish price target of up to $4,714, although the possibility of a decline to $750-$260 is also not ruled out. The upcoming Pectra upgrade on May 7, 2025 could also further improve Ethereum's scalability and user experience.