On-chain data spells trouble for Ethereum as the total holdings of whales have been continuously declining since the start of the year, reported popular analyst Ali Martinez.<\/p>\n
At the same time, the underlying asset\u2019s price has tumbled by double digits over the past week or so and is currently struggling below a few key levels that could lead to even more retracements.<\/p>\n
Citing data from Santiment, Martinez posted on X a chart indicating that whales\u2019 ETH holdings actually increased slightly at the start of the new year, going toward 31 million tokens. However, it has been mostly downhill since then, with the number plummeting to just over 29 million as of January 23. This means that they have \u201credistributed 1.63 million Ethereum (ETH)\u201d since 2026 started, Martinez said<\/a>.<\/p>\n The situation with the spot Ethereum ETFs is similarly disturbing. The funds attracted over $400 million by January 6, lost a similar amount by January 9, and then went on an impressive five-day streak in the middle of the month, gaining nearly $500 million.<\/p>\n However, the previous shorter trading week saw over $600 million being pulled out, with the total cumulative net inflows dropping to $12.30 billion \u2013 the lowest levels since mid-August.<\/p>\n <\/a>Ethereum ETF Net Flows. Source: SoSoValue<\/p>\n Ethereum\u2019s token ended 2025 with a highly negative taste despite charting a new all-time high mid-year. It started 2026 with an impressive run that drove it above $3,300 within a week and to over $3,400 within two weeks. However, it followed the broader market\u2019s performance and slumped beneath the crucial $3,000 support, where it currently struggles.<\/p>\n Further data from Martinez suggests the asset needs to reclaim the $3,085 level to stage a more pronounced bullish breakout. For now, though, ETH remains miles below it.<\/p>\n $3,085.<\/p>\n That\u2019s the level Ethereum $ETH<\/a> needs to hold to have a chance of a bullish breakout. https:\/\/t.co\/W9cA0qcRgM<\/a> pic.twitter.com\/tmS88G0lhQ<\/a><\/p>\n \u2014 Ali Charts (@alicharts) January 19, 2026<\/a><\/p>\n\n Merlijn The Trader highlighted the significance of the 200-day moving average (currently located at around $3,300). Every time it has rejected ETH\u2019s breakout attempts, it has led to a double-digit price correction. The analyst warned that ETH is in the middle of another such retracement that could drive it further south by around 20%.<\/p>\n ETHEREUM IS STILL STRUGGLING BELOW THE 200D MA.<\/p>\n Every rejection at the MA200 has triggered a sharp selloff: Now $ETH<\/a> is rejecting the MA200 again\u2026<\/p>\n If history rhymes, another ~20% reset isn\u2019t off the table.<\/p>\n Watch this level\u2026 pic.twitter.com\/fQzbYGFHkC<\/a><\/p>\n \u2014 Merlijn The Trader (@MerlijnTrader) January 23, 2026<\/a><\/p>\n\n The post Ethereum Whales\u2019 Holdings Decline Steadily as ETH Price Falls Below Crucial Support<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" On-chain data spells trouble for Ethereum as the total holdings of whales have been continuously declining since the start of the year, reported popular analyst Ali Martinez. At the same time, the underlying asset\u2019s price has tumbled by double digits over the past week or so and is currently struggling below a few key levels […]<\/p>\n","protected":false},"author":0,"featured_media":129667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-129666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/129666"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129666"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/129666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/129667"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}ETH Price Breakdown?<\/h2>\n
\nDump 1: -27%
\nDump 2: -21%
\nDump 3: -14% (so far)<\/p>\n
![<\/a>Ethereum ETF Net Flows. Source: SoSoValue<\/p>\nETH Price Breakdown?<\/h2>\nEthereum\u2019s token ended 2025 with a highly negative taste despite charting a new all-time high mid-year. It started 2026 with an impressive run that drove it above $3,300 within a week and to over $3,400 within two weeks. However, it followed the broader market\u2019s performance and slumped beneath the crucial $3,000 support, where it currently struggles.<\/p>\nFurther data from Martinez suggests the asset needs to reclaim the $3,085 level to stage a more pronounced bullish breakout. For now, though, ETH remains miles below it.<\/p>\n$3,085.<\/p>\nThat\u2019s the level Ethereum $ETH<\/a> needs to hold to have a chance of a bullish breakout. https:\/\/t.co\/W9cA0qcRgM<\/a> pic.twitter.com\/tmS88G0lhQ<\/a><\/p>\n\u2014 Ali Charts (@alicharts) January 19, 2026<\/a><\/p>\n\nMerlijn The Trader highlighted the significance of the 200-day moving average (currently located at around $3,300). Every time it has rejected ETH\u2019s breakout attempts, it has led to a double-digit price correction. The analyst warned that ETH is in the middle of another such retracement that could drive it further south by around 20%.<\/p>\nETHEREUM IS STILL STRUGGLING BELOW THE 200D MA.<\/p>\nEvery rejection at the MA200 has triggered a sharp selloff:\nDump 1: -27%\nDump 2: -21%\nDump 3: -14% (so far)<\/p>\nNow $ETH<\/a> is rejecting the MA200 again\u2026<\/p>\nIf history rhymes, another ~20% reset isn\u2019t off the table.<\/p>\nWatch this level\u2026 pic.twitter.com\/fQzbYGFHkC<\/a><\/p>\n\u2014 Merlijn The Trader (@MerlijnTrader) January 23, 2026<\/a><\/p>\n\nThe post Ethereum Whales\u2019 Holdings Decline Steadily as ETH Price Falls Below Crucial Support<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"On-chain data spells trouble for Ethereum as the total holdings of whales have been continuously declining since the start of the year, reported popular analyst Ali Martinez. At the same time, the underlying asset\u2019s price has tumbled by double digits over the past week or so and is currently struggling below a few key levels […]<\/p>\n","protected":false},"author":0,"featured_media":129667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-129666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/129666"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129666"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/129666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/129667"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-24-160705.png\"){kind=link}