Ethereum Price Could Fall to $2,000 as Whale Holdings Drop, Analyst Warns

Highlights:

• Ethereum could fall toward $2,000 after its price failed to hold above $2,400, according to an analyst.
• Large Ethereum holders reduced their holdings by roughly 160,000 ETH, worth more than $348 million.
• Ethereum balances on crypto exchanges rose by 100,000 ETH, potentially increasing selling pressure on the market.

Ethereum (ETH) could fall to $2,000 as large investors reduce their holdings and more coins move onto cryptocurrency exchanges. The warning comes after ETH failed to break above $2,400 and dropped below $2,300. Analysts are now watching key support levels for signs of further losses.

In an October 29 post on X, crypto analyst Ali Martinez warned that Ethereum could face more selling pressure. He pointed to declining whale holdings, rising exchange balances, and a bearish price pattern.

Ethereum Whales Sell 160,000 ETH as Price Weakens

According to Martinez, Ethereum’s on-chain transaction volume exceeded $100 billion on October 28 as the price approached $2,400. However, ETH failed to move above that level and later slipped below $2,300. The analyst also reported that large Ethereum holders had reduced their holdings by roughly 160,000 ETH over the past few days. The amount was worth more than $348 million.

Large investors, commonly known as whales, can influence market activity because they hold significant amounts of cryptocurrency. A decline in their holdings may suggest selling activity, although the data does not confirm that all the coins were sold. The reduction came as Ethereum struggled to recover from its recent losses. Traders are closely watching whether buyers can push the price back above $2,400.

3/6 Whale holdings may help explain the weakness.

Over the past few days, large holders have reduced their positions by roughly 160,000 $ETH, worth more than $348 million.

That distribution could be contributing to the downward pressure on price. pic.twitter.com/1E5f7F8bGo

— Ali Charts (@alicharts) October 29, 2026

Ethereum Exchange Balances Rise by 100,000 ETH

Alongside the decline in whale holdings, Ethereum balances on cryptocurrency exchanges have increased by approximately 100,000 ETH, worth around $240 million. Martinez cited Santiment data showing that more ETH had moved onto exchanges. Investors often transfer cryptocurrencies to trading platforms when they plan to sell or exchange them.

However, exchange inflows do not always lead to immediate sales. Some investors may move their holdings for trading, custody, or other purposes. The increase has still raised concerns because it comes during a period of price weakness. If more holders decide to sell, Ethereum could face additional pressure.

Ethereum Price Could Fall to $2,000 if Selling Continues

Martinez also identified $2,385 as an important price level. Ethereum recently fell below this support, raising concerns about further losses. The analyst pointed to a breakdown from a right-angled ascending broadening pattern on Ethereum’s daily chart. The pattern suggests that ETH could move lower if sellers maintain control.

According to his analysis, continued selling pressure could push Ethereum toward $2,000. However, the price target remains a technical forecast rather than a confirmed outcome. Ethereum was trading near $2,314, down approximately 0.97% over the previous 24 hours. At that price, ETH would need to fall another 14% to reach $2,000. The cryptocurrency was also about 53.1% below its all-time high of $4,953.73, recorded on August 24, 2025. 

Traders will be watching whether Ethereum can recover above $2,385 and challenge the $2,400 resistance level. Another rejection could increase the risk of a move toward $2,000.