Ethereum’s network recorded its highest realized profits in three weeks on Thursday, with $74.58 million logged in a single spike even as the asset’s price dropped roughly 5.5% over the past three days.
On-chain analytics firm Santiment identified a distinct group of sellers: traders who accumulated ETH while it traded below $2,000 in February and March and are now taking profits while prices remain favorable.
Who’s Selling and Why It Makes Sense
Santiment’s analysis helps explain an initially counterintuitive observation: prices fell, yet profit-taking rose to a three-week high. The key is timing. ETH traded well under $2,000 through much of February and March—a period Santiment described as marked by “war fears and notably uncertain times in crypto.” Traders who bought during that window have remained in the green despite this week’s pullback, and many are choosing to realize gains.
Independent analysis from CryptoQuant contributor Rei Researcher found Binance deposit addresses received roughly 9,000 ETH in a short span—the highest inflow in over a year—with inflow data pointing to concentrated selling pressure around the $2,260 price area. That pattern aligns with Santiment’s view that sellers who bought low are now exiting.
Santiment also noted that four-hour candles have compressed near $2,241, which often signals intensified distribution. Higher transaction counts across the network generate more realized profit-and-loss events; when activity increases, many relatively small individual gains aggregate into a large network-level profit figure.
For traders, Santiment recommends a cautious stance without becoming outright bearish. The firm is watching for a rise in realized losses as a possible bottoming signal and advises avoiding aggressive directional positions while the distribution phase remains active.
A Technically Fragile Picture
The current selling pressure arrives at a technically delicate moment for Ethereum. Analyst Keith Alan observed that ETH briefly pierced its macro trend line but was rejected at the 21-week simple moving average, and has since slipped below a cluster of technical supports near $2,280.
If ETH fails to reclaim the 21-week moving average, Alan highlights several support zones to watch: $2,196 first, then $2,060, with a break below those levels potentially opening the path toward $1,892 and lower. These levels provide a framework for traders monitoring risk and potential downside.
According to CoinGecko, ETH was trading above the $2,200 area at the time of reporting but had declined close to 2% from the previous day and about 3% over the prior week. The cryptocurrency remains significantly below its all-time high recorded in August 2025, currently roughly 54% under that peak.