What to Know Crypto analyst Ali Charts warns Ethereum could decline toward $2,000 following its rejection near $2,400 and retreat below $2,300. Ethereum whales reduced their holdings by appro
Ethereum could fall toward $2,000 as large holders reduce their positions and exchange balances increase, following its rejection near $2,400 and subsequent decline below $2,300. According to crypto analyst Ali Charts, whale distributions and exchange inflows indicate growing selling pressure, with $2,000 emerging as a potential downside target.
On October 28, Ethereum approached $2,400 as on-chain transaction volume exceeded $100 billion, according to Santiment data shared by Ali, before sellers pushed ETH below $2,300.
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Large Ethereum holders reduced their positions by approximately 160,000 ETH over several days. Those holdings carried a reported value exceeding $348 million, making whale distribution a central element of the warning.
The reduction occurred alongside Ethereum’s unsuccessful attempt to maintain higher prices, adding pressure to an already weakened market. Ali linked the distribution to the recent decline, while highlighting changes in exchange balances as another important indicator.
3/6 Whale holdings may help explain the weakness.
Over the past few days, large holders have reduced their positions by roughly 160,000 $ETH, worth more than $348 million.
That distribution could be contributing to the downward pressure on price. pic.twitter.com/1E5f7F8bGo
— Ali Charts (@alicharts) October 29, 2026
Meanwhile, Ethereum holdings on exchanges increased by approximately 100,000 ETH, valued at roughly $240 million in the analysis. More tokens on trading platforms could increase available selling supply, particularly while ETH struggles to regain the $2,400 level.
The analyst’s projected $2,000 level represents a decline of approximately 13% from $2,300, the threshold Ethereum recently lost. From the rejected $2,400 level, a move toward $2,000 would amount to a decline of approximately 16.7%.
Besides the whale sales, the increase in exchange holdings coincided with unusually elevated on-chain transaction activity. Together, these developments formed the basis of Ali’s assessment that Ethereum remains vulnerable to additional downside pressure.
Ethereum’s rejection near $2,400 therefore remains important to the outlook, alongside the reported changes in major holders’ balances. The $2,000 projection remains an analyst forecast rather than a confirmed price movement.
Also Read: Chainlink Partners With LG CNS to Expand South Korea’s $68 Billion Crypto MarketThe post Ethereum Faces $2,000 Drop as Whales Sell 160,000 ETH, Analyst Warns appeared first on 36Crypto.
