Ethereum Price Loses Buyer Support As Downside Opens Toward $800

A move toward $800 would mean a drop of more than 60% from recent highs.

For Ethereum price to regain strength, the price would need to reclaim $2,160 first. Without that, any bounce remains weak. Above $2,600 would be the next serious resistance. Until then, the trend stays negative.

Ethereum Momentum and Whale Behavior Show Weak Demand

Momentum indicators are not helping the bullish case. The Relative Strength Index has been moving lower alongside price.

During earlier Ethereum price pullbacks, RSI showed bullish divergences. This time, it is not happening. Each drop is being confirmed by weakening momentum.

That usually means sellers are still in control. On-chain data tells a similar story.

Between Feb. 2 and Feb. 3, large Ethereum wallets added to their positions. At that time, many believed the ETH price dip was a buying opportunity.

Ethereum Whales Sell | Source: Santiment

That behavior has now stopped. Since Feb. 3, whale holdings have slowly declined. Supply held by large wallets has dropped from around 113.93 million ETH to near 113.79 million ETH.

The change is not dramatic, but the direction matters. Instead of accumulating more, large holders are reducing exposure. That shows hesitation on the potential future movements of Ethereum price.

In strong markets, whales buy aggressively during drops. In weak markets, they step aside or sell slowly. Right now, Ethereum looks closer to the second case. This lack of support makes recoveries harder.

BitMines Ethereum (ETH) Treasury Faces Rising Pressure

The weakness in Ethereum (ETH) price is also affecting companies that hold large ETH treasuries.

BitMine, backed by Tom Lee and Fundstrat, holds more than 4.28 million ETH. At current prices, that position is worth around $8–9 billion. During recent peaks, it was valued much higher.

With ETH falling below $2,100, BitMine is now sitting on more than $7 billion in paper losses. That does not mean forced selling is coming. But it does increase pressure.

Treasury-based crypto companies depend on market confidence. When prices fall deeply below entry levels, investors start questioning balance sheet risk, financing costs, and long-term sustainability.

If Ethereum price continues lower, that narrative becomes harder to defend. It also affects sentiment across the sector. When large treasury players struggle, smaller firms often feel the impact next.

Right now, ETH price remains in a vulnerable position. To reduce downside risk, three things would need to happen.

First, the Ethereum price must hold above $1,811. Losing that level would likely accelerate selling. Second, RSI needs to stop falling and form a higher low.

Without that, momentum remains negative. Third, whale accumulation needs to return. Large wallets stepping back in would signal Ethereum price confidence.