An Ethereum ICO participant has moved 2,680 ETH worth $5.05 million after 11 years of dormancy, according to reports from AMBCrypto. The whale invested $831 in the 2015 ICO, representing a 6,068x return based on current ETH valuation. The tokens were transferred in two batches of 1,876 ETH and 804 ETH with test transactions of 0.001 ETH. While the whale could be repositioning for security purposes amid rising crypto hacks, the movement has raised concerns about potential selling pressure.
Four whale addresses have aggressively opened short positions on Ethereum, adding to the bearish sentiment surrounding the cryptocurrency, as reported by CoinDesk. This development comes as the whale from the original ICO story moves significant holdings, creating a complex dynamic where large holders are both reducing exposure and betting against the asset. The coordinated short positions from established whales suggest institutional-level bearish sentiment, potentially amplifying the impact of the whale's selling pressure.
Long liquidations have spiked significantly, reinforcing concerns about further price decline, as reported by AMBCrypto. Machi lost $2.44 million from two positions on Hyperliquid [HYPE], while still holding $4.36 million in ETH with a floating loss of $68K, just 1.1% away from liquidation. This suggests that additional long positions could be wiped out, potentially subjecting Ethereum to further decline despite the altcoin remaining under tight sideways market conditions.
Ethereum has been attempting recovery above $2,000 but faces setbacks each time, according to AMBCrypto reports. The altcoin has reclaimed $1,900 after dipping to $1,850, with bulls gaining momentum. Ethereum formed a floor in June and created a double bottom, entering an uptrend in July, but has been lagging since late July, trading between $1,830 and $1,950. The Accumulation/Distribution indicator is rising to 16.84 million ETH, confirming buying activity, though declining new funded addresses dropped from 257.33K in early July to 160.74K.
A breakout from the current accumulation pattern would expose the $2,000 zone, which has become resistance, as reported by AMBCrypto. In case of a breakdown, Ethereum may trade back to $1,550, where it bottomed out. The bulls have successfully defended the $1,850 level but remain in an accumulation pattern. Despite rising Accumulation/Distribution confirming buying activity, the combination of dormant whale activity, high liquidations, and declining new funded addresses continues to cap ETH's price recovery efforts, with the recent whale short positioning adding additional downward pressure.
