Ethereum Faces Bearish Pressure as Whales Exit $725M in ETH

Ethereum (ETH) is trading at $2,132 as of May 22, maintaining stability after a minor rebound from recent lows. According to BeInCrypto, the cryptocurrency is caught between conflicting signals from different on-chain cohorts. A bearish inverted cup and handle pattern, forming since March 29, suggests a potential 19% correction if the handle breaks, potentially resetting Ethereum to early February levels. Meanwhile, whale holdings have decreased from 125.36 million ETH to 125.02 million ETH, a $725 million drop, indicating significant selling pressure. Despite this, hodlers have increased their positions by 95% over five days, defending a key cost basis cluster between $2,059 and $2,075. The $2,102 support level is crucial; a break below could lead to further declines, while a rise above $2,292 is needed to challenge the bearish outlook.