Ethereum’s price prediction reveals that sustained downside pressure is exposing the magnitude of losses across some of Ether’s most prominent bullish positions.
As ETH has declined 19% over the past three days to fall below the $2,400 level, on-chain data shows several high-profile investors who accumulated aggressively near cycle highs are now collectively holding an estimated $7.6 billion in unrealized losses.
This raises key questions about whether the current pullback is a temporary reset or signals a bearish trend reversal.
Tom Lee’s Fundstrat Down $6.8B on ETH Position
Among the most major positions is Fundstrat chairman Tom Lee, whose entity reportedly accumulated more than 4.24 million ETH at an average price near $3,854.
Here are the top 3 #Ethereum bulls — all hit with massive losses. pic.twitter.com/0dUI3n2bPv
— Lookonchain (@lookonchain) February 2, 2026
At current market levels, this translates into a paper loss of roughly $6.8 billion.
Meanwhile, trader Garrett Jin, associated with BitcoinOG, has experienced major drawdowns following a large BTC-to-ETH rotation and subsequent leveraged exposure.
On-chain records indicate Jin swapped 35,991 BTC for 886,371 ETH, realizing losses exceeding $770 million.
A long position of 223,340 ETH was subsequently liquidated, resulting in an additional $195 million loss.
Adding to the pressure, Trend Research’s Jack Yi is estimated to be down approximately $680 million after purchasing 651,000 ETH at an average cost close to $3,300.
Despite deepening drawdowns, whale behavior suggests the market remains divided between conviction buying and forced risk reduction.
On-chain data from Lookonchain reveals that Tom Lee’s Fundstrat-affiliated entity has continued accumulating during the weakness, acquiring an additional 41,788 ETH worth approximately $96.95 million during the decline.
Technical Analysis: Relief Rally Targets $2,700–$2,800 Resistance
The Ethereum daily chart shows that ETH dropped decisively from the $2,800 resistance area and is currently reacting around the $2,300–$2,400 region, which represents key long-term support.
From a trend and structure perspective, Ethereum remains below all key moving averages, with the 20-day, 50-day, 100-day, and 200-day EMAs stacked bearishly overhead.
This confirms the broader medium-term trend remains corrective, and upside moves will likely encounter resistance rather than immediately transitioning into sustained rallies.
However, the reaction from $2,400 support carries technical significance. As long as this zone continues holding on a daily closing basis, the current move can be interpreted as a higher-timeframe pullback rather than a complete trend reversal.
A relief bounce toward $2,700–$2,800 is possible, but that area now represents major resistance and must be reclaimed with strong volume to shift momentum.
A confirmed break above $2,800 would open the path for movement toward the $3,200–$3,400 region, where upper moving averages and prior supply converge.
On the downside, failure to maintain the $2,400 support would materially weaken the structure and expose Ethereum to a deeper decline toward the next major support near $1,800.
ETH Down 19%—But This Memecoin Presale Just Hit $4.5M
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The post Ethereum Price Prediction: Top ETH Bulls Sit on $7.6B Paper Loss as Price Falls Below $2,400 appeared first on Cryptonews.
