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The crypto market has been challenging, and Ethereum (ETH), the second-largest cryptocurrency, is no exception. Despite its dominant position, the token has faced significant headwinds in recent weeks, with its price showing no signs of a sustained recovery. Key Metrics Point To Continued Bearishness According to crypto analyst Ali Martinez, some of the largest Ethereum whales, holding over 10,000 ETH, have been steadily selling their tokens over the past month, with no indication of slowing down.  This mass exodus of large investors has contributed to ETH’s 26% price drop over the last 30 days, narrowing its year-to-date gains to just 55% – making it one of the weaker-performing tokens in this timeframe. The selling pressure from these Ethereum whales has been a key factor in the token’s ongoing consolidation at the bottom of the range it has experienced over the past seven months.  Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? This bearish sentiment surrounding ETH is further exacerbated by the TD Sequential indicator, which has presented a sell signal on the cryptocurrency’s hourly chart, potentially intensifying the current downtrend. Looking ahead, Martinez has identified key support levels that could come into play if the Ethereum price continues its downward trajectory. According to Martinez, a crucial support zone to watch is between $2,300 and $2,380, where 1.62 million addresses have purchased over 50 million ETH.  Maintaining this level will be crucial for bulls to prevent another sharp crash, similar to the one seen earlier this month, which saw the price retrace to the $2,100 level – a level not seen since February. Potential Price Upside For Ethereum Ahead?  Despite these bearish factors painting a dark picture for the second-largest cryptocurrency on the market, market researcher Leon Waidmann claims that a significant development has emerged that could signal a potential bullish shift for Ethereum. The researcher explained in a recent social media post on X (formerly Twitter) that, for the first time, the ETH balance on cryptocurrency exchanges has dropped below 10%. This marks a notable milestone, as the amount of Ethereum held on exchanges is now lower than that of Bitcoin (BTC). Waidnmann said: The fact that there is significantly less ETH on exchanges than BTC is a highly encouraging sign. It suggests that Ethereum investors are increasingly withdrawing their tokens from trading platforms, potentially indicating a shift away from short-term speculation and towards long-term hodling. Related Reading: XRP Price Set To Breakout: Will It Trigger A Strong Rally? Ultimately, the next move for the ETH price remains to be seen, whether the bulls or bears will get the upper hand, decide the next short-term movement for the token, and break the current consolidation phase.  At the time of writing, ETH trades at $2,580.  Featured image from DALL-E, chart from TradingView.com