Ethereum rejected near $2,300 as downtrend persists amid whale pressure and exchange supply squeeze

Ethereum was rejected at the $2,300 area after a liquidity sweep and was trading near $2,148, with sellers described as maintaining control; the asset is down about 26.56% over the past 90 days and showing 7‑day losses of 6.70% despite a 30‑day gain of 10.47%. Technical commentary notes ETH is struggling to clear resistance in the $2,120–$2,205 range, with a bearish trend line and potential downside if the pair remains below key resistances ^{[1] [2]}.

On‑chain and market commentary present a mixed picture: analyst Ali Martinez flagged signs of a possible short‑term trend shift after ETH rose roughly 3% to the $2,160 level, and on‑chain metrics were cited as strengthening a breakout case. At the same time, reports show both aggressive whale accumulation and profit‑taking — with some data pointing to recent whale selling after prior accumulation — leaving net whale flows uneven ^{[3] [4] [5]}.

Supply dynamics add another variable: exchange ETH balances have fallen to an eight‑year low amid rising staking participation, a development characterized as creating a supply squeeze that could influence price dynamics alongside rising open interest ^{[6] [5]}.

In sum, price action shows rejection near $2,300 and resistance around $2,100–$2,205 while on‑chain data and whale activity remain mixed; observers point to both tightening supply and contested technical levels as factors to monitor ^{[1] [3] [6]}.