Ethereum has traded in a tight range between $2,300 and $2,400 after failing to break resistance at $2,567. The asset is currently at $2,420, down 2.5% on the day, as long position liquidations have exceeded $63.6 million. Despite the selling pressure, a whale returned after seven months of inactivity to open a 25x long on 18,587 ETH worth $44.85 million. On the spot market, however, another whale has deposited 103,252 ETH valued at $253 million to exchanges, adding further selling pressure. Technical indicators show a bearish crossover on both MACD and RSI.
Ethereum has remained stuck between $2,300 and $2,400 after facing rejection at $2,567. As of this writing, ETH traded around $2,420, marking a 2.5% slip on the daily charts.
According to CoinGlass data, over $63.6 million worth of long positions were liquidated compared to $12.6 million in shorts. When longs are forced to exit, it typically adds selling pressure to the market, amplifying a price decline.
Despite the rising liquidation risks, some investors, especially whales, are holding firm and continue to open new positions. Lookonchain reported that a trader opened a 25x long on 18,587 ETH worth $44.85 million, returning after seven months of inactivity.
When the whale takes a long position, it shows optimism, anticipating the slowdown will ease and see Ethereum make more gains. In fact, traders on Binance and OKX are mostly opening long positions, with the Long/Short Ratio across these two exchanges holding above 1 and Binance leading at 2.7.
While whales on Futures expect a price pump, on the Spot one whale has been aggressively offloading. According to Lookonchain, the whale deposited a total of 103,252 ETH worth $253 million into multiple exchanges.
After the deposit the wallet still holds 64,603 ETH worth $155 million, which are also likely to be sold. The continued selling pressure has caused significant pressure on the market, weakening the market structure.
Momentum indicators have started to show this market weakness. Since making a bearish crossover, the Relative Strength Index (RSI) has dropped to 63, though it still holds within the bullish zone.
The MACD also formed a bearish crossover, further validating this trend shift. The two bearish crossovers suggest that sellers are becoming aggressive, often resulting in more losses.
