Ethereum’s price is experiencing a turbulent period as institutional investors pull money out of the Spot Ethereum ETF. This outflow, combined with long-term holder selling and large wallet activity, has led to uncertainty for the price. 10X Research reports indicate around $1.4 billion in net redemptions from the ETF over recent weeks. Long-term ETH holders sold at their fastest pace since 2021 during this period. Meanwhile, whales amassed hundreds of thousands of tokens worth over $1 billion. These conflicting signals are creating a dynamic market. 10X Research suggests that these large purchases and redemptions are acting as opposing forces on price movement. This tug-of-war between supply from the ETF outflows and buying activity by whales is creating an interesting opportunity for investors. Ethereum price was under pressure, lagging behind both Bitcoin and the dollar. Key indicators like moving averages confirmed a bearish trend. Chart analysis suggests that Ethereum prices are likely to move within specific liquidity zones as well as influenced by major technical upgrades. The upcoming Fusaka upgrade could trigger price movements similar to the Pectra event of 2025, which resulted in a significant 53% price rally. However, it’s uncertain whether this will repeat. This uncertainty is reflected in market expectations and traders are awaiting the impact of these events on the Ethereum price.