Whales Withdraw $725M From Ethereum as Pattern Completes
Whales withdrew about $725 million in ether as an inverted cup-and-handle pattern completed on May 18; long-term holders raised net positions about 95% over five days.
Ethereum traded at $2,132 on May 22 after a modest rebound, with on-chain data showing a reduction in whale-held supply and increased accumulation by long-term holders.
Blockchain records show the supply held by the largest non-exchange addresses fell from 125.36 million ETH on May 17 to 125.02 million ETH afterward, a decline valued at roughly $725 million at current prices. The decline in whale holdings began in mid-May and coincided with the completion of a price pattern on May 18.
On the chart, Ethereum formed an inverted cup-and-handle pattern that began on March 29. The cup portion completed near May 18, and a small rebound since then formed the handle. Technical analysis of that pattern yields a measured move that implies about a 19% decline from the handle, which would put the token near $1,697.
Key technical levels cited in on-chain and chart data include handle support at $2,102 and an upper invalidation threshold at a daily close above $2,462. Immediate resistance sits near $2,292. A clean loss of $2,102 would bring the price into a concentrated cost-basis band between $2,059 and $2,075, where roughly 1.378 million ETH is clustered. Further technical stops identified below that band are $2,017 and $1,896. The $1,697 measured-move target would stand below the February 6 cycle low of $1,744.
Data tracking informed traders shows the Smart Money Index remaining below zero, indicating that institutional and algorithmic buyers have not returned in force since the May rebound. At the same time, addresses holding coins older than 155 days increased accumulation: the Hodler Net Position Change rose from 77,978 ETH on May 16 to 151,890 ETH by May 21, a 95% increase over five days.
The on-chain picture therefore shows large addresses reducing supply, long-term holders adding to positions around a concentrated cost basis, and smart-money metrics remaining muted. The price levels noted above are the reference points in the near term for where supply clusters and technical support or resistance sit.
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