Ethereum Faces High-Stakes Moment at $2,200 as Whale Longs Clash With Bearish Flow Data

[Ben Graham]

Ethereum (ETH) has entered a decisive phase after a sharp sell-off erased much of its recent gains and pushed the price toward the closely watched $2,200 level. The move followed repeated failures to break above the $2,500–$2,550 zone, triggering liquidations.

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With large holders taking opposing positions and on-chain data flashing caution, ETH is now at a point where both downside risk and rebound potential remain firmly in play.

Ethereum Price Structure Weakens as $2,200 Comes Into Focus

Ethereum (ETH) has fallen more than 20% from recent highs, briefly trading below $2,220 before stabilizing.

The drop pushed ETH below the $2,300–$2,400 range and under key short-term moving averages, shifting near-term control toward sellers. Technical data shows a developing bearish trend line around $2,400–$2,420, an area that would need to be reclaimed to ease downside pressure.

The $2,200 zone is now acting as the main support. A sustained break below this level could expose deeper downside toward $2,050 or psychological $2,000 mark. Momentum indicators remain cautious, with the hourly RSI below 50 and MACD still aligned with bearish momentum, suggesting buyers have yet to regain control.

Exchange Inflows and Liquidations Signal Distribution Risk

On-chain data has added to concerns. Exchange inflows surged ahead of the breakdown, with roughly 600,000 ETH moving onto major exchanges in a single day, including a sharp spike into Binance. Such inflows are often associated with selling, hedging, or risk reduction rather than accumulation.

At the same time, derivatives markets saw heavy stress. ETH-related liquidations reached about $280 million over 24 hours, surpassing Bitcoin and confirming that long positions were crowded near recent highs.

The unwind’s speed suggests structural weakness, as spot demand failed to absorb forced selling once support levels gave way.

Whale Longs Add a Bullish Counterweight

Despite bearish flow data, whale activity tells a more mixed story. According to on-chain analysts, dormant wallets reactivated after five years and posted over 45,000 ETH as collateral to open a large coin-margined long, borrowing roughly $100 million.

This move highlights growing divergence at current levels, with some institutions deleveraging while certain large holders add exposure.

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This clash between whale longs and bearish exchange flows shows the uncertainty around $2,200. A rebound above $2,420 could shift momentum back toward buyers, while failure to hold current support may confirm that distribution pressure remains dominant.

Cover image from ChatGPT, ETHUSD on Tradingview