ETH under pressure drops to $2856: large investors taking profits and exiting, spot ETF experiencing continuous net outflows

【Crypto World】Ethereum’s days this week haven’t been easy. The price has been steadily declining, approaching $2,856, with a weekly drop of 10%, and selling pressure continues.

On-chain data reveals a key move: a large holder transferred 17,823 ETH to a major exchange yesterday, worth approximately $51.4 million. What does this operation mean? Based on the timing, they are cashing out at this price level, with unrealized gains of about $15.36 million. Simultaneously, spot ETF outflows are ongoing—net outflows for five consecutive days, totaling $533.25 million, with total fund assets shrinking by $4 billion.

But there is also good news. The net inflow to exchanges has dropped significantly to -47,100 ETH, indicating what? The selling pressure is waning. Although momentum indicators remain weak, this signal suggests that market panic may be dissipating. From a technical perspective, the Fibonacci retracement level around $2,807 has become a key support.