Ethereum price today: $2,000

• Whales have scooped 840K ETH since February 4, resuming accumulation as prices dipped.
• Despite the accumulation, selling activity remains dominant as exchange reserves increased by 180K ETH in the past five days.
• ETH falters at $2,100 resistance again amid persistent bearish pressure.

Whales or wallets holding 10K-100K ETH paused their buying activity last week, but their long-term accumulation remains strong. As ETH's price decline accelerated, the cohort began accumulating and has now scooped 840K ETH since February 4.

In contrast, retailers — primarily wallets with balances of 100-1K & 1K-10K ETH — saw a brief period of accumulation at the beginning of the past week but returned to distribution as the week progressed.

Overall, selling activity remains as Ethereum exchange reserves, which measure the total supply of ETH in exchanges, have been rising over the past five days. During the period, reserves increased by more than 180K ETH, suggesting increased selling pressure.

A similar activity is evident in US spot ETH exchange-traded funds (ETFs), which recorded a fourth consecutive week of net outflows totaling $161.1 million, according to SoSoValue data. The data shows that selling pressure among institutional investors persists but has slowed since earlier in the month.

The continued selling comes as ETH has failed to recover its realized price or the average cost basis of investors. Historically, prices have remained under pressure until ETH recovers its realized price.

On the derivatives side, leverage has failed to return, with open interest slightly dropping to 11.76 million ETH. At the same time, funding rates continue to flash negative, indicating rising short positioning, per Coinglass data.

Ethereum Price Forecast: ETH falters before $2,100, bearish pressure persists

Ethereum has seen $71 million in liquidations over the past 24 hours, led by $47 million in long liquidations, according to Coinglass data.

In the daily chart, ETH/USDT trades at $1,982. The 20-day Exponential Moving Average (EMA) trends lower at $2,223, reinforcing a bearish bias and capping rebound attempts. Holding beneath this gauge keeps the near-term tone pressured. The Relative Strength Index (RSI) at 33 stays below the midline, indicating weak momentum without an oversold signal. Immediate resistance aligns at $2,107, while support is seen at $1,741.

With the average still pointing down, rallies could stall before the 20-day EMA, leaving risk tilted toward the $1,741 support, then $1,404. On the topside, a firm close above the 20-day EMA could improve the setup, after which the $2,388 resistance would turn into the next hurdle for buyers.