Ethereum Price Holds Near $2,376 as Whale Liquidation Risk Grows

TLDR:

• Santiment reported that 169,770 ETH left exchanges in one day, the largest daily outflow in more than four months and a possible supply-side support signal.
• A similar June 5 outflow episode preceded roughly 223,800 ETH in net withdrawals and an ETH price bottom, though that historical sequence does not ensure another rebound.
• Two early Ethereum holders reportedly sold 4,000 ETH combined, including a nine-year investor who bought at $18.83 and an ICO participant who paid about $0.31.
• ETH traded near $2,376.62 below $2,385 support, while futures CVD, Parabolic SAR and MACD favored sellers; a whale’s liquidation levels sat at $2,256.45 and $2,226.53.

Ethereum price faced mixed signals on Oct. 24. Exchange withdrawals accelerated, but several market measures still pointed to selling. Santiment reported that 169,770 ETH left exchanges in one day, the largest daily outflow in more than four months. Lookonchain flagged 93,184 ETH in whale long positions, valued near $214 million. The positions could face liquidation if ETH falls toward those levels. 

Source: Coingecko

Lookonchain listed liquidation levels at $2,256.45 and $2,226.53. The daily chart showed ETH near $2,376.62 after it lost $2,385.62 support. That left the near-term rebound case uncertain. Traders must weigh reduced exchange supply against long-term sales and derivatives pressure for now.

Ethereum Price Gets a Supply Signal From Exchange Outflows

The outflow total evoked a Santiment comparison with June 5. After that spike, Ethereum registered about 223,800 ETH in net exchange outflows as its price formed a local bottom. ETH later rebounded, making the earlier episode relevant to traders watching supply conditions now. Still, the comparison is a historical reference, not evidence that prices will follow the same path.

Exchange outflows can reduce the ETH immediately available for sale on trading venues. They can also reflect transfers to private wallets or other activity, rather than new purchases. That limits what the market can infer from a single day’s flows.

Analysts should distinguish netflows from gross withdrawals. Santiment’s figure described net ETH leaving exchanges, while wallet transfers do not reveal who moved coins or why. The comparison with June adds context, but only later price action can show whether withdrawals preceded renewed demand. June’s rebound does not promise another similar move.

Source: Santiment

Early investor selling offered a counterpoint to the outflow signal. Lookonchain said one Ethereum investor sold 3,000 ETH worth about $7.23 million. The investor reportedly bought the coins nine years ago at $18.83 each. At the reported sale value, that represented an approximately 128-fold gain.

Another initial coin offering participant sold 1,000 ETH. That investor originally bought 100,000 ETH at around $0.31 each. Together, the two early holders sold 4,000 ETH. Those transactions show that some long-term holders are taking profits while exchange balances decline. They do not prove broad selling across the entire holder base. They weaken the idea that withdrawals confirm a bullish shift.

Ethereum Price Faces Risk From Futures Selling and Whale Leverage

CryptoQuant’s Ethereum Futures Taker CVD continued to favor sellers. The metric tracks cumulative differences between market buy and sell orders across ETH futures. A seller-dominant reading means aggressive sell orders exceeded buys during the measured period. It points to derivatives pressure, although the measure cannot forecast each move.

Source: CryptoQuant

The daily chart showed the Ethereum price below $2,385.62 after it failed to hold a recovery toward $2,540.68. The Ethereum price stood near $2,376.62, with repeated attempts to stabilize around support failing to produce a convincing rebound. Parabolic SAR remained above the market price at $2,509.93. The MACD also held a bearish crossover, and its histogram read negative 8.90.

That setup left $2,385 as a level bulls needed to reclaim. If ETH fails to recover it, $2,300 becomes a possible next downside test. The technical indicators reinforced caution, while the outflow data offered a possible supply-side counterpoint. These two signals track different market behavior and can appear at once.

Lookonchain also flagged 93,184 ETH in whale long positions, valued at approximately $214 million. It cited two liquidation levels: $2,256.45 and $2,226.53. A fall through either threshold could force positions to close. Forced closures may add sell orders to an already weak market, though liquidation figures do not guarantee execution. The levels identify where traders face risk; they do not predict that ETH will reach them.

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