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Ethereum Price Forecast: 60 Whales Exit the Network as ETH Sentiment Hits 2023 Bear Market Lows
Ethereum is trading at $2,129 on May 20, holding slightly above wedge support at $2,100 as 60 whale addresses exited the network over the past two months, while Binance futures sentiment has reached its most bearish level since the 2023 bear market.
ETH Daily Chart: Lower Wedge Rail Is the Final Floor Before $2,000
The daily chart shows $ETH pressing against the lower boundary of an ascending wedge that has supported price action since the February low at $1,800.
Price briefly touched $2,100 during the session before staging a modest rebound. Below that level, $2,000 becomes the next major psychological support — a level closely watched by Ali Martinez.
All four EMAs remain significantly above the current price:
- 20 EMA: $2,232;
- 50 EMA: $2,247;
- 100 EMA: $2,317;
- 200 EMA: $2,550.
A thick bearish supply zone remains between $2,317 and $2,550, visible on the chart as a dark red resistance block. Price has not tested this area since April.
MACD currently stands at -24.75, with the signal line at -40.52 and histogram at -15.77. All readings remain negative, with no visible signs of compression or recovery.
Key ETH Levels for May 21
- Resistance: $2,232 (20 EMA), $2,247 (50 EMA), $2,317 (100 EMA), supply zone between $2,317–$2,550;
- Support: $2,100 (lower wedge boundary), psychological support at $2,000, February low at $1,800;
- MACD: deeply negative with no compression visible.
60 Whale Addresses Left Ethereum Within Two Months
Ali Martinez noted that approximately 60 wallet addresses holding 10,000 ETH or more have either fully exited or consolidated their balances over the past two months.
Wallets of this size represent multi-million-dollar positions, and the simultaneous exit of 60 such addresses is not viewed as ordinary market rotation.
The analyst directly linked this trend to strong exchange inflows observed during the same period, as large holders transferred ETH onto exchanges ahead of potential selling activity.
The implication is that institutional or large-scale holders are reducing risk exposure while liquidity remains available, reflecting a lack of medium-term confidence in the $2,000–$2,300 range.
Binance Sentiment Falls to Its Most Bearish Level Since September 2023
Analyst Darkfost reported that Binance’s ETH taker buy/sell ratio fell to 0.91 this week — its most negative reading since September 2023.
The taker ratio measures who controls order flow in the market.
A reading below 1.0 indicates that sellers are hitting bids more aggressively than buyers are lifting offers. At 0.91, sellers are clearly dominating short-term momentum in Binance futures markets.
$ETH has corrected by roughly 9% over the past seven days and continues trading within the broad $1,500–$4,000 range that has contained price action for months.
Darkfost noted that when market sentiment becomes excessively one-sided, conditions can emerge for a sharp move against consensus positioning.
The more aggressively traders continue opening short positions on $ETH at current levels, the stronger a potential short squeeze could become if price finds a bottom and reverses higher.
Ethereum Price Outlook for May 21
Bullish Scenario
Holding the $2,100 level on a daily close and reclaiming the 20 EMA at $2,232 would bring $2,317 back into focus.
A recovery in the Binance taker ratio back toward 1.0 would signal seller exhaustion.
Given the heavily short-biased positioning, a rapid short squeeze could develop if momentum reverses.
Bearish Scenario
A breakdown below the wedge support at $2,100 opens the path directly toward $2,000.
Ali Martinez is closely monitoring this level.
Continued whale outflows to exchanges combined with a lack of MACD recovery would place $1,800 back into play.
Additional pressure comes from Goldman Sachs reducing its Ethereum ETF exposure by 70% during the first quarter, reinforcing the broader institutional risk-reduction narrative.
See also: "Hyperliquid Price Prediction: Can HYPE Break Above $50 After the Recent Rally?"
