Ethereum price faces sell pressure as whale losses rise and Vitalik resumes ETH distributions

Ethereum fell below $1,980 on 21 February as unrealized losses spread across major whale cohorts and the spot price slipped under the $2,075 mega-holder cost basis. At the same time, founder-linked wallets resumed staggered ETH sales and Kalshi markets priced high odds of deeper downside, including an 85% chance of a drop under $1,750. Despite this stress, on-chain data shows restrained whale selling and suggests strategic absorption rather than disorderly capitulation.