• ETH was down 3.95% over the past 24 hours.
• Ethereum whales have sold 684.1k ETH tokens over the past day.

Over the past three weeks, Ethereum [ETH] has remained stuck as prices continue to trade within a parallel channel. Over this period, ETH has traded between $2.4k and $2.7k.

This price stagnation has left most holders impatient and have started to sell — the rising selling activity has spread even among long-term whales.

In fact, as per on-chain analyst @‌ai_9684xtpa, two dormant and old whales have started to offload their ETH holdings. Over the past day, the two whales have sold a total of 1.546.67 ETH.

One whale deposited 959.69 ETH worth $2.54 million to OKX. After this deposit, this whale still holds 50,704 ETH tokens worth $132 million.

The second whale sold 587 ETH worth $1.56 million through Kraken. This whale has been selling since March, having offloaded 14,398 ETH worth $28.47 million.

The two deposits have not happened in isolation but within a broader selling spree among whales. Over the past day, Ethereum whales have offloaded a total of 684.1k ETH tokens.

This signals a massive exchange outflow.

As such, large holders’ netflow has dipped to negative territory, hitting -83.5k. When a large holder’s netflow hits a negative value, it indicates that whales have sold more than they have bought.

Thus, there’s more capital outflow, reflecting a strong lack of confidence from large holders.

In addition to the rising selling activity from whales, the Ethereum market has been taken over by sellers. Looking at Taker’s buy-sell ratio, sellers have dominated, with the metric dropping to a weekly low.

When this metric drops to a negative value, it suggests that sellers are outpacing buyers.

This selling activity has seen the exchange supply ratio surge to a weekly high. This not only arises from increased selling activity, but also risks further sell pressure.

Oversupply leads to lower prices if demand drops.

Undoubtedly, the rising selling activity across the market has negatively affected Ethereum’s price movement, which dropped 3.95% over the last day until press time.

Therefore, a continuation of the current selling activity could see ETH breach the consolidation range and drop to $2324.

However, if the market manages to absorb the sell-side pressure, the altcoin will continue to hold within the range and trade between $2.4k and $2.7k. A breakout from this zone will need a cooldown in selling activity.