Ethereum Faces Whale Selling, But Key Support Levels Hold Strong
The cryptocurrency market continues to witness intense volatility, and Ethereum (ETH), the second-largest blockchain platform, is no exception. Recently, ETH faced heavy selling activity from whales, yet the price managed to hold its ground at a critical support zone. Let’s explore the dynamics of these recent events and their implications for traders and investors alike.
The Whale Sell-Off That Rocked Ethereum
On-chain data from Lookonchain has revealed significant concentrated selling activity. A prominent wallet linked to Konstantin Lomashuk, a key figure in Lido Finance and founder of P2P.org, reportedly sold 14,585 ETH worth approximately $42.7 million within just one hour. Additionally, two other whales followed suit, selling a combined 14,000 ETH valued at nearly $40.8 million. This included one address offloading 10,000 ETH via decentralized exchanges and another selling 4,000 ETH through centralized platforms. In total, over 28,500 ETH hit the markets in a short span, amplifying short-term selling pressures.
Price Action: Controlled Absorption or Risk of Breakdown?
Despite the aggressive sell-off, ETH’s price remained resilient. At the time of reporting, ETH was trading near $2,957. The cryptocurrency stayed within a critical demand zone, located between the 50% and 61% Fibonacci retracement levels. Buyers have repeatedly defended the lower support near $2,882, reflecting controlled absorption rather than disorderly selling.
However, momentum indicators suggest a cautious outlook. The RSI (Relative Strength Index) was spotted at 36.76, signaling weakened demand and potential vulnerability to further downside movements. Liquidity clusters above the $3,000 mark could act as a price magnet, but failure to hold above the 61% Fibonacci level could expose ETH to lower levels, particularly the $2,607 region where prior demand has surfaced in the past.
Key Levels and Outlook for Ethereum Traders
Ethereum’s ability to hold above the $2,882 level remains pivotal. Traders should closely monitor whether RSI stabilizes in the coming days and if the 61% Fibonacci support persists. On the upside, breaching the $3,462–$3,600 resistance zone would be crucial to restoring bullish sentiment.
Additionally, liquidation heatmaps from platforms like CoinGlass reveal significant liquidity concentrations, indicating potential price magnetism during reduced selling pressure.
Consider the Essentials
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What Lies Ahead?
The next key move for Ethereum lies in its reaction around the $2,882 level. Short-term traders should pay attention to any breakdowns or stabilization signals, while long-term holders might focus on how ETH behaves around the $3,462 zone. Regardless of market outcomes, it is clear that whale activity continues to influence Ethereum’s narrative, underscoring the value of real-time data and strategic market analysis.
