Key Insights:
- Ethereum crypto bullish momentum cools after retesting its 6-month resistance.
- An X user, 0xNobler, reported that BlackRock has been selling millions worth of ETH and BTC.
- Whale orderbooks reflect the bearish shift, with both spot and derivatives positions signaling profit-taking.
Ethereum crypto just had its most bullish week of 2026 (so far). However, it could be due for another profit-taking retracement, even though bull market expectations suggest it could rally higher.
Multiple factors currently point to a downside pivot for Ethereum. The cryptocurrency just crossed $2,400 for the first time since early May.
The same level served as an Ethereum resistance zone during its consolidation phase over the last 6 months. ETH price exchanged hands at $2429 at press time.
The second major factor pointing to a potential retracement was that the Ethereum-native crypto was also deep in overbought territory. The bullish ETH price momentum had already cooled down substantially in the last 24 hours compared to its performance on Wednesday and Thursday.
BlackRock is Reportedly Selling ETH Crypto and Bitcoin in Bulk
Institutional flows have been at the forefront of this week’s ETH and BTC rally. Ethereum ETFs alone pulled in $508.6 million since Monday, the highest weekly inflows observed in months.
However, the key takeaway at the end of the week was that BlackRock has reportedly been aggressively taking profits in the last 24 hours.
0xNobler, a DeFi researcher, tweeted that BlackRock may be taking profits. Interestingly, BlackRock’s ETHA was among the largest Ethereum ETFs to buy the cryptocurrency during the week.
The fact that one of the largest institutional buyers is now taking profits could reinforce bearish expectations and add further selling pressure to the market.
Ethereum Crypto Whale Orderbooks Reveal Heavy Bearish Positioning
As if BlackRock selling ETH in bulk was not a bearish enough signal, large orderbook flows also point to a potentially bearish outcome.
According to CoinGlass, fulfilled ETH whale orders on the spot market amounted to $2.66 million on Binance and $8.44 million on OKX. These were net outflows.
On the derivatives side of things, OKX futures registered net short positions worth $767.16 million. Coinbase leaned bearish, but they came in under $1 million.
On the flip side, Binance still managed to clock $359.13 million worth of longs. Nevertheless, derivatives were overall in the red, suggesting that whales were also leaning on the bearish side during Friday’s trading session.
It was worth noting that ETH derivatives had billions of dollars in short positions on Thursday and part of Friday morning. These latest figures indicate a slight shift in perspective among the shorts. This is likely due to the heavy losses shorts have incurred.
What’s Next for Ethereum Crypto?
The declining short positioning by whales suggests that shorts might be retreating. However, the significant profit-taking observed at recent highs, especially by BlackRock, indicates something crucial.
The tug-of-war between ETH bulls and bears is still on. Moreover, it has reached a level where dominance is being tested. ETH price may sustain bullish momentum, depending on whether fresh demand cancels out any profit-taking.
On the other hand, ETH may lend itself to a profit-taking-induced selloff if demand cools off. The latest excitement has the market wondering whether the bull market is finally here, and this could be a critical deciding factor over the next few days.
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