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While the Ethereum price saw a brief bounce towards the end of Wednesday, the structure remains significantly weak underneath the surface. During this highly negative period, the leading altcoin has made a crucial move by confirming a bearish breakdown, which could impact its near-term outlook. Sellers Now Dominating The Ethereum Market Ethereum , the second-largest digital asset, is showing signs of mounting weakness following the drawdown across the broader cryptocurrency market. With volatility consistently trapping the market, ETH has now made a bearish breakdown. CryptoQuant’s author and data expert PelinayPA reported this development, which appears to be shifting market control firmly toward sellers. The decline in momentum has become more concerning due to the move below important support levels, and traders are increasingly preparing for additional downward pressure. From a technical standpoint, the market structure seems to be deteriorating when looking at Ethereum’s price movement in conjunction with Binance’s long and short liquidation data. Looking at the chart, ETH has made a downside breakout from a triangle formation, a move that is signaling a shift in consolidation in favor of sellers. A collapse below the triangle’s lower limit is insufficient to definitively indicate a bearish scenario, but the moving averages have also begun to slope downward. This development is providing confirmation of downside momentum. Furthermore, the short-term moving average remaining below the long-term average points to continued weakness in momentum , causing relief rallies to face selling pressure. Pelinay highlighted that the downward turn in the blue moving average indicates a decline in the overall trend structure. Besides this bearish breakdown, another critical factor spotted on the chart is the Binance liquidation data. Since a significant portion of global Ethereum derivatives volume flows through Binance, liquidation clusters formed on the platform are important for overall market direction. Leverage Long Positions Are Being Taken Out Gradually Typically, sharp liquidations coinciding with price weakness are a sign that leverage long positions are being flushed out, and the market is undergoing a downside reset. These periods are mostly characterized by aggressive position unwinding by institutional and large-scale market participants . Pelinay added that the market’s inability to produce a strong recovery after recent liquidation spikes also reflects continued weakness in price structure. From a technical view, the likelihood of a deeper pullback down the chart’s lower support zone is still present, but the downside breakout is still valid for the time being. Thus, if Ethereum fails to reclaim the broken triangle structure, selling pressure could intensify, and the price may target the $1,350 support level. At this point, Ethereum whales are beginning to exit the market. Ali Charts highlighted that approximately 60 whale wallet addresses holding at least 10,000 ETH have completely emptied or consolidated their balances over the past 2 months. When distinct entities with multi-million-dollar positions exit the network within such a short window, it often signals institutional profit-taking and asset reallocation. These large investors are currently taking advantage of recent liquidity to de-risk, which reflects a distinct lack of mid-term confidence. This reduction in whale counts matches the recent heavy inflows into crypto exchanges. According to the data, the path of least resistance will continue to decline in the near future, with Ali focusing on the $2,000 floor with extreme caution.