Ether whale (ETH) activity on the main exchange has declined since the beginning of 2026, with around 2 million ETH being made in huge transactions over the last 45 days.

ETH is currently in the midst of its worst weekly losing streak since 2022, with stock flow trends and futures market liquidation data impacting investor expectations for the brief and long-term price direction of Ether in the broader market.

The size of the ethereal whale order indicates failing participation

CryptoQuant data shows that average sell orders for ETH whales on Binance have dropped to around 1,350 ETH in recent weeks, down from around 2,250 ETH in early January. Assuming 15 to 35 whale-sized executions are carried out per day, the cumulative gross turnover on the seller side since January 8 is estimated to be around 1.8 to 2 million ETH over the last 45 days.

Assuming an average price of $2,400, this activity equates to approximately $4.3 billion to $4.8 billion for huge order fulfillment. This figure reflects gross trading volume and not confirmed net outflows, as some of the flows may be related to hedging or providing liquidity in the derivatives market.

Darkfost cryptocurrency analyst he said the decline in average order size indicates a “gradual shift away” from larger players. According to the analyst, smaller investors continue to trade at stable volumes, while larger players limit direct interaction with order books.

This shift indicates a short-lived reduction in market depth. With fewer huge resting orders, ETH’s ability to absorb edged price imbalances in the brief term decreases.

In parallel with exchange flows, ETH accumulation addresses added over 2.5 million ETH in February as the price dropped by approximately 20%. The total resource value increased to 26.7 million ETH from 22 million in early 2026, signaling continued demand below the surface.

Related: Ethereum price drops to 1.8 thousand dollars as data suggests that the ETH bear market is not over yet

Will Ether break the longest losing streak since 2022?

Ether is now posting its sixth consecutive week of losses, marking the longest continuous weekly decline since the 10-week collapse between March 2022 and June 2022. That earlier stretch occurred during a broader bear market and led to a cycle low before the price stabilized.

While the current pullback is not that long, this streak highlights continued selling pressure and waning momentum on higher time frames.

Historical market cycle data suggests that if the decline continues, a broad weekly demand zone between $1,384 and $1,691 could come into focus, an area that has previously acted as an accumulation in the early stages of the 2023 rally.

Liquidation of the futures market data shows over $2 billion in brief positions centered around $2,000. This creates a dense pocket of liquidity that can act as a short-term magnet for the ether price.

On the other hand, approximately $682 million in long positions will remain at risk if Ether falls to $1,600, indicating less liquidity compared to the bullish cluster.

Cryptocurrency trader RickUntZ he said still sees potential for a V-shaped rebound from current levels, citing signs of underlying demand in the current structure. For now, the data suggests that the next key resistance to be broken remains the liquidation band at the $2,000 level.

Related: Ethereum Foundation Begins ETH Staking Amid Lingering Concerns About Customer Diversity