Ethereum faces price pressure amid ETF outflows and whale activity

Ethereum (ETH) has experienced significant downward pressure, trading near the $2,300–$2,400 range. This decline follows a monthly drop of approximately 12%, driven by several factors including substantial outflows from U.S. spot Ethereum ETFs, which saw net withdrawals totaling hundreds of millions of dollars in recent weeks.

On-chain data reveals a complex landscape of holder activity. While exchange outflows reached a four-month high of 169,770 ETH—a move often interpreted as a reduction in immediate sellable supply—other large-scale movements have contributed to bearish sentiment. This includes high-profile sales by early investors, such as a legacy holder moving 6,000 ETH to exchanges after realizing significant gains, and BitMEX co-founder Arthur Hayes reportedly selling 6,400 ETH.

Technical developments also impact the outlook. The Ethereum Foundation recently postponed the Glamsterdam upgrade's testnet activation to investigate smart contract compatibility risks. While this is a testnet delay rather than a mainnet disruption, it adds to the current period of market uncertainty.