Ethereum encountered fresh distribution pressure as whale 0xeadc liquidated 16,924 ETH valued at $31.97M in just 30 minutes at a price of $1,889. This swift shift into stablecoins indicates a strategic supply injection instead of a slow rotation. Significant transactions carried out via CoW Protocol settlements indicate a methodical unloading rather than disjointed exchange selling. This concentrated activity indicates a defensive stance as the overall structure shows signs of weakening. When almost $32M flows into the market in just thirty minutes, liquidity has to react swiftly to maintain balance.
However, the aggressive spot demand has cooled, leading to an increased influence of this distribution. Consequently, whale activity is currently heightening the downside risk around crucial support levels for ETH. As of this moment, Ethereum remains entrenched within a long-term descending channel that has dictated its structure since reaching the $4,800 high. Every recovery has established a lower high under the declining resistance, highlighting ongoing trend weakness.
The price has decisively fallen below $2,797 and subsequently breached the $2,261 horizontal support, solidifying the ongoing bearish trend. As of this moment, ETH is trading at approximately $1,828, hovering right at the well-defined $1,800 support zone. This level signifies the ultimate horizontal defence prior to a more extensive structural extension. If sellers push for a significant drop below $1,800, the next key support level is around $1,400. However, ongoing defence in this area could spark a liquidity-driven rebound towards the overhead resistance level.