Ethereum remains under pressure this week. Data cited by crypto.news shows ETH has fallen 2.5% over the last 7 days and is down about 5% from this month’s high of $3,292. At the time referenced in the source, it was trading at $3,115, leaving the token as much as 37% below the all-time high reached in August last year.
One source of that pressure is whale distribution. Santiment data shows the number of wallets holding between 10,000 and 1 million ETH has been declining steadily since mid-December. Selling from that cohort tends to add weight to the market, especially when spot demand is not strong enough to absorb supply quickly.
ETF outflows and weaker activity across the network
U.S. spot Ethereum ETFs have also moved in the wrong direction for bulls. According to SoSoValue, those products recorded more than $345 million in net outflows across the last four trading sessions. Soft institutional demand often keeps broader market appetite restrained, with traders waiting for clearer direction before adding risk.
On-chain and derivatives data point the same way. DeFiLlama shows total value locked on Ethereum-based DeFi protocols has dropped from a September peak of $257 billion to $175 billion. That decline suggests less capital is sitting inside the ecosystem. CoinGlass data adds another weak signal: Ethereum futures open interest has fallen from an August peak of $70 billion to about $39 billion, showing a sharp reduction in speculative positioning.
Chart patterns keep attention on the $3,000 level
On the daily chart, Ethereum has been forming a symmetrical triangle since early November last year. A downside break from that structure is commonly read as a bearish continuation signal in the short term. The chart also shows a large inverse cup-and-handle pattern, with the neckline marked at $2,619.
That leaves $3,000 as the first major level in view. If ETH breaks below it, traders may turn to the Nov. 21 low at $2,619, which lines up with the neckline of the larger pattern. If that area fails decisively, the source points to $2,121 as the next downside target. On the other side, a move back above $3,269 — the 61.8% Fibonacci retracement level — would weaken the current bearish setup.