Ethereum slid under $2,000 for the first time this month on Thursday, extending a selloff that has wiped out gains from the spring rally. The price now sits around $1,970, according to market data, after entering what analysts describe as a decisive breakdown phase in its current chart pattern.
Whale positions shift
On-chain data shows large ETH holders have been trimming their positions over the past 48 hours. Wallets with more than 10,000 ETH have reduced their balances by roughly 3% since Monday. The selling pressure comes at a fragile moment — liquidity on major exchanges has thinned, making moves sharper than usual.
It's not a panic exit, at least not yet. But the steady drip from big wallets is enough to push prices through levels that held for weeks.
Retail traders hold the line
Smaller investors are telling a different story. Retail wallets — those with less than 10 ETH — have been adding to positions throughout the drop. Exchange order books show buy clusters building around $1,950 and $1,900. The gap between whale and retail sentiment is about as wide as it's been all year.
That divergence doesn't guarantee a bounce. If whales keep selling into retail demand, the path of least resistance stays lower. But the willingness of everyday traders to buy at these levels is at least providing a floor for now.
Chart says lower
The technical picture looks grim. Ethereum has broken below the lower boundary of a multi-month consolidation range that had held since March. The breakdown is clean — volume picked up as prices fell through, confirming the move. Analysts tracking the pattern see the next major support near $1,750, a level that has acted as a floor twice in the past year.
There's no obvious catalyst for a reversal right now. No major protocol upgrades are landing this week, and the macro environment remains uncertain after the Fed's May meeting. The next concrete test for ETH will be whether it can hold above $1,900 into the monthly close on Sunday. If it can't, the slide toward $1,750 could accelerate quickly.
