Ethereum OG sells $136M ETH, price slips toward $2,000

Ethereum’s oldest known whale dumped roughly $136 million worth of ETH over the past week, pushing the token below the $2,000 psychological barrier and sparking concerns of a deeper correction【3】. The move matters because the sell‑off coincides with a key support zone around $1,800 and an upcoming “Glamsterdam” upgrade that could reshape market dynamics.

Whale sell‑off and immediate price impact

The on‑chain data from Lookonchain shows the early investor sold 55,000 ETH at an average $2,041 per token (≈$112 M) plus another 9,442 ETH for about $24 M, totaling $136 M in the last seven days【3】. This activity added pressure as ETH/USD traded around $2,000, a level that historically triggers heightened volatility. The price fell 2% in the last 24 hours and is down 6.5% on the week, now sitting at $1,980【3】. Analysts note that if the $1,800 support fails, the token could slide toward $1,500, a deeper correction zone【3】.

Broader on‑chain context and upcoming upgrade

Despite the whale’s exit, the broader supply picture shows older holder cohorts (5‑7 years) actually increasing their share to 9% from 8.59% on May 19, while short‑term cohorts (1‑6 months) have reduced holdings, indicating that most recent supply changes stem from newer traders【3】. Meanwhile, Ethereum’s “Glamsterdam” upgrade, slated for June 2026, promises parallel transaction processing and a 78% gas‑fee cut, historically linked to 20‑40% price rallies in the two months preceding major hard forks【2】. To breach the $2,400 resistance and target $3,000, ETH would need roughly 30% upside in the next eight weeks, implying weekly gains of 3‑4%—a pace slightly higher than the recent 6% weekly rise【2】. However, momentum could fade if profit‑taking accelerates, especially around the $2,500‑$2,800 resistance band【2】.

Market sentiment and resistance zones

Glassnode’s cost‑basis data reveals about 7.6 million ETH held at an average $2,750‑$2,850, creating a potential resistance zone where many investors may sell at breakeven【1】. The daily RSI has climbed to 57 from oversold levels near 36, suggesting bulls are re‑entering, yet the price remains trapped between the $2,000 psychological line and the $1,800 support【1】. Analyst TagadoBTC warns that failure to hold the $2,000 zone could see ETH retreat to the bottom of its channel【1】.

What to watch

• $1,800 support – a break could open a path toward $1,500.
• $2,400 resistance – clearing this level would align with the chart pattern’s neckline and could reignite a rally.
• Glamsterdam upgrade timeline – any delay or market reaction to the upgrade’s gas‑fee reduction could shift sentiment before June 2026.

The $136 million whale sell‑off underscores that even large‑scale holders can move without triggering a systemic outflow, but the price’s proximity to critical support levels means the next few days will be pivotal in determining whether ETH steadies for a potential upgrade‑driven rally or slides into deeper correction.