$725 Million in Ethereum (ETH) Just Left Whale Wallets: The Timing Is Suspicious
Ethereum (ETH) price trades at $2,132 on May 22, holding flat after a small rebound off recent lows. The action masks a deeper split between two on-chain cohorts pulling in opposite directions. The price chart, whale supply data, and conviction holder behavior each tell different stories. Resolving the conflict points to one of two outcomes for Ethereum in the coming sessions. Price Pattern and Whale Exit Point to Downside Risk Ethereum has been trading inside an inverted cup and handle since March 29. The pattern is a bearish reversal formation where price climbs in a rounded arc before rolling over. The cup completed near May 18, with the small rebound since then forming the handle. If the handle gives way, the measured move points to a 19% correction. The downside math would set up a cycle reset for Ethereum back to early February territory. Ethereum Price Pattern: TradingView Ethereum whales have been adding pressure to that scenario. Santiment data shows the supply held by whales (exchanges excluded) sat at 125.36 million ETH on May 17. The reading has since drifted to 125.02 million. This is a drop worth $725 million at the current ETH price. ETH Whale Supply: Santiment The whale exit started in mid-May, coinciding exactly with









