With the broader crypto market sentiment still highly bearish, Ethereum ’s ongoing decline has deepened as the second-largest digital asset pulls back toward the $4,100 price level. In the meantime, ETH key investors are beginning to exhibit waning confidence in the altcoin’s price action, which is indicated by a drop in whale holdings.

A Constant Drop In Ethereum Whale Count

While the price of Ethereum has experienced a sudden pullback, the sentiment of major key investors has flipped negative. Joao Wedson, a market expert and the founder of Alphractal, has revealed a notable shift in investors’ mood as the number of whales, those holding massive amounts of ETH, continues to decrease.

This drop suggests that big holders might be shifting their holdings, which might gi

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