Ethereum at risk: $123 billion threatened by price drop

• 38% of Ethereum is close to turning into a loss
• Whales accumulate $2,7 billion in ETH
• Transfers to exchanges increase selling pressure

Ethereum’s position in the market remains under pressure, with indicators pointing to imminent risk to a large portion of its value. According to data from Glassnode, around 38% of ETH’s market value — around $123 billion — is trading just above its acquisition price. This means that even a slight correction could push millions of dollars into the loss zone, increasing the risk of mass liquidation.

The largest share of #ETH market cap – $123B – sits just 0–20% above cost basis. That cohort swelled from $2.3K to $2.5K, meaning even a modest price drop could flip a large chunk of supply into loss.
Despite recent gains, $ ETH remains in a fragile position. pic.twitter.com/5Ay5Jx5Qv5

- glassnode (@glassnode) May 27, 2025

In recent weeks, ETH has faced strong resistance around $2.700. In at least three attempts to break above this level this month, the asset has retreated, currently holding near $2.641. This behavior suggests a sensitive market that lacks enough conviction to sustain a rally.

The report highlights that the movement Ethereum to exchanges has also grown considerably. In general, this type of flow is a classic indicator of selling intent, especially in times of uncertainty. Glassnode has classified the situation of ETH as “fragile”, warning that breakeven investors tend to sell quickly at the slightest sign of instability.

Still, one fact stands out: the so-called “whales” — addresses that hold between 10.000 and 100.000 ETH — recently added more than 1 million tokens to their wallets, equivalent to US$2,7 billion. The movement suggests a long-term bet on the part of these big players, even in the face of increased selling pressure.

The most obvious technical hurdle is in the $2.635–$2.712 zone, where approximately 1,67 million ETH have been purchased. This range represents a significant resistance area, fueled by the large supply available in the market. For Ethereum to start a more positive trajectory, analysts note that the asset needs to sustain levels above $2.496.