Ethereum Slips 3% Amid Sell-Off Pressure...When Will It Recover $3,000?

▲ Ethereum (ETH)

As large Ethereum (ETH) holders and institutional wallets continue to deposit funds into exchanges, the market is reacting more to additional sell-off pressure than to expectations of a $3,000 recovery.

According to crypto media outlet Coingape on May 7 (local time), Ethereum's price fell by approximately 3% today amid selling movements from whales and institutional investors. On-chain transaction tracking platform Lookonchain stated, "Whales and institutions are dumping ETH."

According to Lookonchain data, a wallet address associated with digital asset management firm Metalpha deposited 27,000 ETH, worth $62.78 million (not $27 million), to Binance. Another whale wallet, "0x8Ad4," also sent 14,062 ETH, worth $32.82 million, to the same exchange today. Coingape reported that these large-scale exchange movements fueled concerns about potential sell-offs.

The slowdown in demand from large holders also pressured market sentiment. Analyst Ali Martinez analyzed that Ethereum whales holding between 1,000 ETH and 10,000 ETH have significantly reduced their positions since October 2025. Their whale holdings increased from 12.95 million ETH in April 2025 to 15.95 million ETH on October 6, 2025, but have since decreased to approximately 12.52 million ETH. The overall position reduction rate is 21.5%.

Martinez stated that Ethereum would need "a new wave of institutional or retail investor demand" to reach its $3,000 target. The decline in whale holdings has burdened the anticipated rally, and analysis also suggests that weak spot demand continues to hinder price recovery.

Analyst Ted Pillows diagnosed that Ethereum is struggling to maintain its $2,400 support level. He explained that the recent decline is due to weak spot demand, adding that Ethereum could continue to face downward pressure until this situation changes.

Coingape reported that investors are closely monitoring Ethereum's recent price movements and whale activity. However, some market participants remain optimistic, citing Bitmine's strong buying pressure as having partially supported Ethereum's upward trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*