Ethereum Whales holdings are steadily declining as the ETH price falls below the crucial support

The ETH ETFs were also deeply in the red last week.

At the same time, the price of the underlying asset has fallen by double digits over the past week and is currently struggling below a few key levels that could lead to even more retracements.

Whales and ETF investors are reducing their holdings

Citing data from Santiment, Martinez on However, things have largely gone downhill since then, falling to just over 29 million on January 23. This means that since the start of 2026, they have redistributed “1.63 million Ethereum (ETH),” says Martinez. said.

The situation with spot Ethereum ETFs is also troubling. The funds attracted more than $400 million on January 6, lost a similar amount on January 9, and then went on an impressive five-day run mid-month, winning almost $500 million.

However, during the previous, shorter trading week, more than $600 million was withdrawn from trading, with total cumulative net inflows falling to $12.30 billion – the lowest level since mid-August.

ETH price breakdown?

Ethereum’s token ended 2025 on a very negative note despite hitting a new all-time high midway through the year. It started 2026 with an impressive run that took it above $3,300 within a week and to over $3,400 within two weeks. However, it followed the performance of the broader market and fell below the crucial support at $3,000, which it is currently struggling to reach.

Further data from Martinez suggests that the asset needs to regain the $3,085 level for a more pronounced bullish breakout. For now, however, ETH remains miles below that.

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$3,085.

That is the Ethereum level $ETH must hold to have a chance of a bullish breakout. https://t.co/W9cA0qcRgM pic.twitter.com/tmS88G0lhQ

— Ali Charts (@alicharts) January 19, 2026

Merlijn The Trader emphasized the importance of the 200-day moving average (currently around $3,300). Each time it has rejected ETH’s breakout attempts, it has led to a double-digit price correction. The analyst warned that ETH is in the midst of a new retracement that could drive its price further south by about 20%.

ETHEREUM is still struggling below the 200D MA.

Every rejection at the MA200 has led to a sharp sell-off:
Dump 1: -27%
Dump 2: -21%
Dump 3: -14% (so far)

Now $ETH rejects the MA200 again…

If history rhymes, another reset of ~20% is not off the table.

Check out this level… pic.twitter.com/fQzbYGFHkC

— Merlijn The Trader (@MerlijnTrader) January 23, 2026