Key Takeaways
Why are whales selling Ethereum?
A single whale offloaded 45,000 ETH worth $208 million, signaling growing caution around $4,800 resistance.
What’s next for ETH price action?
If $4,430 support breaks, ETH could drop 12% toward $3,860, though weak ADX hints at limited downside momentum.
Ethereum [ETH] traders are on alert as whale activity stirs fresh volatility across the market.
A major holder has offloaded tens of thousands of ETH in recent days, coinciding with a sharp price pullback from a key resistance zone.
With technical charts flashing early warning signals and on-chain data showing weakening network activity, AMBCrypto breaks down whether this could mark the start of a deeper correction.
Whale offloads $70 million on Bitfinex
According to SpotOnChain, a large ETH whale dumped 15,000 ETH worth $70.15 million on Bitfinex.
Moreover, the same whale had sold 30,000 ETH worth $138.40 million over the past two days at an average price of $4,612.
Source: SpotOnChain
The average selling price was $4,612, and despite the sell pressure, the whale still holds 70,785 ETH, worth $332.4 million across four wallets.
This activity coincided with ETH’s 5% intraday drop, as the asset struggled to sustain momentum above the $4,860 resistance zone.
At press time, ETH traded at $4,490, down 4.7% over 24 hours, with a 26.6% rise in trading volume to $57.16 billion, according to CoinMarketCap.
Rising volume amid falling prices showed increased sell-side participation, often seen in corrective phases.
Bearish pattern forms near key resistance for ETH
According to the TradingView daily chart, ETH formed a strong bearish engulfing candlestick pattern near the key resistance level of $4,860.
In addition, the altcoin hovered near $4,430, a level that acted as short-term support over the past week.
Source: TradingView
If this floor breaks, technical setups indicate a potential 12% correction toward $3,860, though failure to break support could trigger range-bound movement or a short-term relief bounce.
The Average Directional Index (ADX) stood at 21, as of writing, below the 25 trend-strength threshold, showing weak directional momentum.
Meanwhile, the Supertrend indicator remained green, suggesting the broader uptrend remained intact despite near-term volatility.
Ethereum network activity declines
Adding to the bearish outlook, CryptoQuant data revealed that Ethereum’s Active Addresses fell sharply over the past 24 hours.
At the time of writing, the metric dropped from 460,449 to 403,093, indicating weakening adoption and engagement, which could accelerate price declines.
Source: CryptoQuant
Traders turn defensive
Analyst Ali Martinez highlighted on X (formerly Twitter) that ETH’s $4,000–$4,800 range has historically acted as a “danger zone,” triggering multiple corrections since 2021.
Source: X/Ali_chart
The expert noted that each time ETH neared this price range, it triggered a correction—something that could recur if the $4,430 support level fails to hold.
It’s not just analysts expressing caution; traders are also bracing for downside, as short positions have surged.
According to CoinGlass data, ETH’s key liquidation levels are $4,407 on the lower end and $4,553.30 on the upper end.
Source: CoinGlass
At these levels, traders held $581.3 million in long positions and $1.31 billion in shorts, reflecting a clear bearish bias and strong pressure to drive prices lower.
