Ethereum Price Risks $2,000 as Whale Holdings Fall and ETF Outflows Continue

• Ali Martinez sees a possible Ethereum price decline to $2,000 while it remains below $2,385 and exchange balances stay high
• Whale holdings fell roughly 160,000 ETH, while exchange balances rose about 100,000 ETH
• US spot Ethereum ETFs recorded $21.41 million in net outflows on October 28, their third consecutive session of withdrawals

Ethereum briefly approached $2,400 before losing ground again, and recent wallet movements suggest some large holders are pulling back. US spot Ethereum ETFs have also seen money leave for three straight sessions. With the Ethereum price below a support level that held earlier in October, analyst Ali Martinez sees room for a deeper drop. His warning comes as more ETH moves onto exchanges, including funds from a wallet untouched for three years.

Also Read: UNI Price Tests $7 as Uniswap Wallet Activity Surges and Robinhood Adds Stock Tokens

Ethereum Whales Cut Holdings as Exchange Balances Rise

In his recent analysis, Ali Martinez reported that large holders had reduced their combined balances by roughly 160,000 ETH over several days. Over the same period, ETH exchange balances increased by approximately 100,000 ETH.

The movements suggest more coins may be available for trading. It should be noted that declining wallet balances and exchange deposits do not suggest that sales occurred.

A separate transfer caught attention earlier that day. Lookonchain reported that a wallet inactive for three years deposited its entire 2,119 ETH, valued at approximately $4.99 million, into Coinbase. The transfer placed those holdings on an exchange.

Also Read: Google Stock Crashes 10% While Microsoft Rallies 6% After Record Revenue. What Went Wrong?

Ethereum ETF Outflows Extend to Three Sessions

US spot Ethereum ETFs recorded $21.41 million in net outflows on October 28, according to SoSoValue data. It was their third consecutive session of net withdrawals.

This adds another weak demand signal, separate from the on-chain transfers. ETF flows measure subscriptions and redemptions across investment products, while exchange balances track where cryptocurrency sits. Together, they give traders reasons to watch selling pressure, without proving a single cause for Ethereum’s price weakness.

Ethereum Price Prediction Centers on $2,385

Ali’s Ethereum price prediction hinges on the loss of approximately $2,385 support. His daily chart showed ETH near $2,310.73, below that level, with a lower zone around $2,027.

He identified $2,000 as the downside target he is watching while the price remains below $2,385 and exchange balances stay high. Recovering that former support would weaken the immediate bearish argument.

At press time, Ethereum’s price was at $2,316.73 a decline to $2,000 would amount to approximately 13.68%. On MarketCapOf’s calculator, a hypothetical $1,000 investment would consequently fall to about $863.25, a $136.75 loss, excluding fees and taxes.

The next test is whether buyers can reclaim $2,385. Continued weakness below it, alongside persistently high exchange balances, would keep the analyst’s downside scenario in view.

Also Read: Apple Stock Gets $355 Target as Touchscreen MacBook Pro Debuts