Ethereum falls back to the 1500s, even whales can't hold on

$ETH Today it's back to 1559 and green by half a point again.

Yesterday it hit a low of 1530, setting a recent new low. It dropped straight from over 1600 without even catching a breath.

The following news is more heartbreaking than the price — an address holding $24.11 million in ETH and HYPE has accumulated an unrealized loss of $1.79 million. This is not a retail investor; it's a genuine big player. Even whales are starting to lose money, showing how brutal the market conditions are.

You could say ETH is weak, yet it's still the second largest. You could say it's strong, but the price kept falling from 1700 to 1500, without even a decent bounce in between. It dropped nearly nine points in seven days, twenty-three points in a month, and 47% in half a year. This price action really doesn't look good.

Moreover, look at that candlestick chart. It dropped from 1800 to 1500, with the center of gravity constantly shifting downward. Each bounce doesn't rise high, and after the bounce, it continues to fall. It's a typical slow grind down, the most torturous kind.