Ethereum Price Recovery Stalls as On-Chain Data Turn Bearish: Sell-Side Pressure Building?

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Ethereum price slipped back below the $2,000 mark as the crypto market turned defensive, with major assets easing after failing to sustain their recent recovery attempts. The drop unfolded gradually rather than through panic selling bids kept thinning across the session until $2,000 support finally gave way, pushing ETH price down close to 5% intraday.

Beneath the surface, the weakness had already been forming. Spot demand stalled near resistance, large holders began shifting coins toward exchanges, and derivatives positioning slowly tilted bearish. By the time Ethereum price broke support, the move reflected positioning more than surprise, the market had already prepared for it.

On-chain data shows Garrett Jin moved roughly 261,024 ETH ($545M) to Binance, a type of transfer traders typically monitor because exchange deposits increase available supply. Such flows do not always mean immediate selling, but they frequently precede hedging or distribution. The timing is notable, the transfer appeared as ETH struggled to hold the $2,100–$2,200 region, and shortly after, bids weakened across spot markets.