A major Ethereum whale sold 16,924 ETH worth approximately $32 million within 30 minutes, converting the assets to stablecoins and signaling deliberate supply injection. This concentrated selling pressure coincides with ETH trading near a critical $1,800 support level within a long-term descending channel, as broader market demand has cooled and order flow has shifted to neutral.
A whale identified as 0xeadc offloaded 16,924 Ethereum for roughly $32 million in a rapid, structured sale executed through the CoW Protocol. This activity reflects defensive positioning and amplifies downside vulnerability as ETH presses against key support.
At the time of writing, ETH was trading around $1,828 inside a descending channel governing its structure since its peak near $4,800. The price has broken below previous supports at $2,797 and $2,261, and a decisive breakdown beneath $1,800 could target the next major support near $1,400.
The MACD indicator shows easing downside pressure with a recent crossover above the signal line. However, both lines remain below zero, suggesting this reflects temporary relief rather than a confirmed reversal within the broader negative structure.
Data from CryptoQuant shows the 90-day Spot Taker CVD has transitioned to a neutral balance. This shift indicates aggressive market buyers no longer sustain consistent control, reducing confidence in immediate absorption strength against the whale distribution.
A Binance ETH/USDT liquidation heatmap reveals a dense leverage cluster near $1,923 containing roughly $30.45 million in liquidation leverage. Recent total liquidations show $43.55 million in long liquidations compared to $4.03 million in shorts, confirming recent declines flushed leveraged buyers.
