Ethereum Drops 5.6% as Institutions Show Interest
Key Takeaways
Ethereum (ETH) has experienced a decline of approximately 5.6% in recent days. The price dropped from a local high of USD 2,597 to around USD 2,450. Short-term investors took profits during this phase and sold their positions. At the same time, institutional investors such as Abraxas Capital took the opportunity to accumulate ETH at this level. Data points to a possible stabilization — with a chance for another breakout above the USD 2,580 mark.
Short-Term Pullback or Start of a Correction?
On May 10, the ETH price dropped by 5.62% from its local high of USD 2,597. This decline triggered a wave of selling, especially among short-term holders — that is, wallets that have held ETH for less than 155 days. According to on-chain data from Glassnode, ETH supply at the USD 2,580 price level rose from 1 to 1.3 million ETH. Around 300,000 ETH were sold in this range. This indicates increased liquidity at this point — a typical behaviour during short-term corrections.
Liquidations and Institutional Buying
In the past 24 hours, long positions worth USD 115.51 million were liquidated. These accounted for about 68% of all liquidations — a clear sign that many traders were betting on rising prices. At the same time, on-chain flows show that the investment fund Abraxas Capital has invested around USD 400 million in Ethereum — at an average entry price of approximately USD 2,580. This corresponds to about 155,000 ETH. While retail investors were selling, institutional capital stepped in.
Market Environment and Network Activity
The overall crypto market saw a decline of 1.77% to USD 3.71 trillion. Bitcoin dominance also fell from its peak by 3% to 62.94%. Ethereum was also affected, losing around 5% in a single day. Despite these declines, there are positive signals beneath the surface: the number of new ETH addresses rose by 12.26% to 103,815. The number of so-called “whale addresses” (wallets holding more than 1,000 ETH) also increased slightly — with six new wallets added. This suggests growing interest from large investors.
What Does This Mean for the ETH Price?
If macroeconomic conditions stabilize and the so-called Sigma Rule applies — meaning strong pullbacks are seen as buying opportunities — Ethereum could soon rise again above the resistance level of USD 2,580. The current situation is reminiscent of previous phases where short-term weakness turned into long-term upward movements. The key factor will be whether buyer interest holds at this level.
Our Assessment
The recent decline in Ethereum is currently no cause for concern. Rather, a familiar pattern is emerging: short-term investors sell amid uncertainty, while institutional investors enter strategically. The increased network activity and the behaviour of large wallets suggest a possible bottoming out. If the market environment calms, new price impulses above USD 2,580 are realistic. Those holding or looking to enter ETH should closely monitor the coming days — especially the behaviour of large investors.
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Sources
- Glassnode
- Abraxas Capital
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