Ethereum whale dumps $31.9 mln: Can bulls stop ETH’s slide toward $1.4K?

by

Ah, Ethereum, the ever-dramatic diva of the crypto world! Today, it decided to put on a show for us all as whale 0xeadc dumped a staggering 16,924 ETH, worth a cool $31.97 million, in a mere half-hour. How charmingly quick-like a high-stakes game of musical chairs. And in case you missed it, the price was a modest $1,889 per ETH. Not bad, right?

This rapid fire exchange of ETH into stablecoins seems less like a gradual rotation and more like an extravagant supply injection. How thoughtful of them.

But wait, it gets better. Large transfers, funneled through CoW Protocol settlements, indicate a neat and orderly unload, instead of the usual chaotic scramble at exchanges. One might think they’ve planned this meticulously, positioning themselves defensively as the broader market structure wobbles and weakens.

And when nearly $32 million enters the market in a blink, liquidity has to act faster than a cat on a hot tin roof to prevent a dangerous imbalance.

But what’s that? The aggressive spot demand has cooled. How disappointing. This only makes the whale’s activities all the more influential, exacerbating the downside vulnerability for Ethereum as it marches toward that critical support level.

Ethereum presses critical $1,800 support

As we sit on the edge of our seats, watching Ethereum trade within the confines of a long-term descending channel, we must reminisce about the days when it peaked at a solid $4,800. Oh, how the mighty have fallen. Each ‘recovery’ only forms a lower high, perpetuating the tragedy of the bearish trend.

Not to be outdone by its own collapse, Ethereum has already lost several key support levels, including $2,797 and $2,261. Quite the smooth operator, wouldn’t you say? And now, as it dances dangerously close to $1,800, we must ask-will the great Ethereum endure, or has it reached its final curtain?

If the sellers can nudge it below $1,800, we’ll be looking at $1,400 as the next support. But fear not, if the bulls manage to stage a defense here, they might just get a brief reprieve, maybe even a rebound. But of course, that remains to be seen.

And let’s not forget about the MACD-it’s ever the optimist, crossing above the signal line with some meager green bars, suggesting a faint hope for relief. But don’t get too excited. While the bearish pressure has slackened, Ethereum has yet to reclaim broken resistances. In short, this is a temporary blip on an otherwise gloomy horizon.

If the histogram grows stronger, maybe we’ll get a glimmer of upside. But if not, prepare for the bleak march back down.

Ethereum Spot Taker CVD shifts to neutral balance

The Spot Taker CVD has finally decided to move to neutral after a prolonged reign of buy dominance. Oh, how the mighty fall-buyers have been dethroned, and equilibrium now rules the roost. Demand and supply have agreed to stop fighting and call it a truce.

But as whale distribution picks up speed, this neutrality gives us little confidence. Without decisive action on the buyer’s side, recovery will remain a distant dream. Should the buyers manage to reclaim the initiative, however, there may be hope yet for price stabilization. But for now, we’re stuck in this neutral limbo.

Liquidation cluster builds above $1,920

Over at Binance, the ETH/USDT liquidation heatmap is lighting up like a Christmas tree. A dense cluster is forming near $1,923, with $30.45 million in leverage trapped like rats in a corner. Isn’t it fun to watch these liquidity traps unfold?

While shorts have their own concentrated exposure above the current price, long liquidations have already flushed out $43.55 million, leaving only $4.03 million in short liquidations. A perfect storm for overhead liquidity to come into play should the buyers regain some control.

To wrap it all up, Ethereum finds itself at a pivotal point, hanging precariously near $1,800 as whale distribution, neutral order flow, and the ever-present descending channel pressure converge. If the bulls can hold their ground here, a move toward $1,920 and stabilization might be in the cards. But if selling pressure forces a breakdown, $1,400 looms as the next great abyss.

Final Summary

  • Whale distribution near $1,800 support increases the likelihood of a catastrophic drop toward $1,400.
  • If the $1,800 level holds, we might witness a glimmer of resilience in this otherwise dismal market.

Read More

2026-02-24 14:09