 ▲ Ethereum (ETH) decline / ChatGPT-generated image © |
Even as Ethereum (ETH) whales moved to buy the dip by accumulating more than 520,000 ETH during the recent price slump, concerns about further downside persist as short (sell) bets increase in the futures market. After failing to break above the $2,100 resistance level, Ethereum is now threatening the psychological support at $2,000, with whale buying pressure and bearish market sentiment locked in a tense standoff.
According to investment news outlet FXStreet on February 11 (local time), whale wallets holding between 10,000 and 100,000 ETH accumulated more than 520,000 ETH in total between February 4 and 8. This sharply contrasts with individual investors holding between 100 and 10,000 ETH, who sold 233,000 ETH during the same period. The strong buying by whales absorbed retail selling pressure and helped prices rebound from the $1,800 range to above $2,000.
Historically, prices tend to recover when retail selling weakens and whales continue to buy, but current market conditions remain unstable. Ethereum’s current trading price is below the average entry price of investors at $2,310 and even under the whales’ realized price, indicating that much of the market remains in a loss zone.
Derivatives market data also point to downward pressure. Ethereum’s Net Taker Volume on Binance briefly turned positive in January before falling back into negative territory, signaling the buildup of short positions in the futures market. In addition, the Coinbase premium has remained negative since December, indicating continued selling pressure from U.S. institutions and investors.
Over the past 24 hours, Ethereum saw liquidations totaling $61.9 million, of which $46.5 million were long position liquidations. From a technical perspective, Ethereum has been rejected near the $2,100 level and is trending lower; if the $2,000 level breaks, the door opens for a potential drop to $1,740.
On the daily chart, the Relative Strength Index (RSI) and the stochastic oscillator are hovering near oversold territory, reflecting dominant bearish momentum. Analysts note that for Ethereum to achieve a trend reversal, it must decisively break above the $2,100 resistance and then move higher toward $2,380.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for any investment losses incurred based on this content. The information should be interpreted solely for informational purposes.*