Whales are recognized for their tendency to sell at market peaks and troughs, yet it is the market’s response that fundamentally influences price movements. On January 16th, Ethereum encountered significant selling pressure from major whales, as the price approached critical resistance levels near $3,450. Whale activity stirred the waters, leaving the market on edge as it awaited ETH’s potential to either breach resistance or fall back to support.
On-chain tracker Lookonchain has revealed that Ethereum OG 0xB3E8 has deposited 13,083 ETH (valued at $43.35 million) into Gemini in the last two days, indicating a possible market shift. Even after the significant withdrawal, he retains 34,616 ETH valued at $115M, indicating a strong belief in Ethereum’s future potential. This action was perceived by certain observers as a quintessential profit-taking maneuver, indicating a lack of desire to forsake Ethereum in the long term.
A notable whale has entered a highly leveraged short position, wagering against Ethereum. A significant player has moved 3 million USDC into Hyperliquid and initiated a short position on 18,261 ETH, valued at $60.32 million. If ETH had surged to $3,380, the position could have been entirely obliterated. This high-risk maneuver intensified the pressure surrounding the $3,400 mark. Ethereum’s price movement was notably affected by the liquidity clusters emerging near the $3,400 level. Liquidity zones serve as magnets during reversals, as traders keep a keen eye on whether Ethereum will breach the $3,450 resistance or fall back to lower support levels. Any movement past this point could trigger large liquidations, shifting the market significantly.
Ethereum was probing the significant $3,450 resistance level. The upcoming hours are pivotal in assessing if ETH can surge past resistance or retreat toward the support level at $3,200. Whale activity and liquidity pressure are set to play a significant role in determining the outcome. Whale activity has generated notable selling pressure around Ethereum’s $3,450 resistance level, impacting crucial market responses. The market’s reaction to liquidity clusters and leveraged positions was crucial in deciding if ETH could surge past resistance or fall back to support levels.