Ethereum Whale Offloads $136M as Long-Term Holders Maintain Positions

• $136 million ETH sale by early whale as price drops toward $2,000.
• On-chain data shows long-term holders continue to hold despite weak ETF demand.

On June 1, 2026, Cointelegraph reported that an early Ethereum whale sold $136 million in ETH as the price approached $2,000. The transaction led to renewed bearish sentiment and speculation about further declines in Ethereum’s price.

Glassnode data shows that most recent trading activity is led by short-term investors, while long-term holders—those maintaining their ETH holdings for 5-7 years—have increased their proportion of total supply. Blockchain analytics indicate a steady conviction among these seasoned participants.

Ethereum is currently trading around $1,980, reflecting a 2% drop in the past 24 hours and a 6.5% decline over the week. CoinNess reports ongoing ETF spot outflows with $17.9 million in net withdrawals for the fourteenth consecutive day, alongside weak ETF demand, which are adding pressure to the ETH market.

Technical analysts Alex Marzell and Merlijn The Trader note that downward momentum remains strong, identifying $1,800 as a key support level and projecting a potential bottom near $1,500 if that support fails. Trading patterns such as the Wyckoff Accumulation and bear flag suggest further potential for Ethereum to move into the $1,500–$1,700 range.

On-chain data reflects continued conviction among long-term ETH holders, as there is no broad-based exit. Recent price declines are mainly driven by short-term trading, whale activity, weak ETF interest, and wider crypto market weakness. According to analysts, a move toward $1,500 is increasingly likely unless $1,800 holds as support, underscoring the importance of risk management and monitoring key technical levels.

As of June 1, 2026, 20:09 UTC, Ethereum (ETH) is trading at $2,000.54, with a 0.01% change in 24-hour trading volume, according to CoinMarketCap.