A significant Ethereum whale has been impacted by the downturn in the market. The trader’s position was liquidated at a value of 28,716 ETH, or $69.69 million. Despite experiencing a significant loss, the whale has not retreated. It holds 78,955 ETH in long positions, valued at approximately $195.57 million, and persists in betting on a market upswing. The current liquidation prices stand at $2,299.09 and $2,286.28. These levels hold importance as they closely correspond with the chart’s essential support zone.
Following a notable decline from $2,700 earlier this week, ETH is currently trading around $2,499. On Thursday, the price declined to approximately $2,405 before buyers intervened, driving it higher. The coin is currently positioned at the blue average, approximately $2,505. It continues to be positioned beneath the cyan average at approximately $2,555 and the green average close to $2,600. The most robust support level is positioned at a lower range: the orange average is approximately $2,340, whereas the black long-term line is around $2,298.
The whale’s liquidation thresholds are positioned exactly at that black line. If ETH falls to that point, the position could be forced to close, leading to increased selling and a quicker price drop. This week, the selling pressure was clearly pronounced. During the decline, trading volume surged while the RSI decreased to approximately 40, suggesting a degree of weakness, albeit not to an extreme extent. The latest daily candle is green; however, it has experienced minimal volume movement to date, indicating that the bounce has yet to be validated. Bulls should first aim for a daily close above 2,555. Once that first target is reached, they will set their sights on 2,600 and 2,700. If prices surpass $2,800, the current range would be broken.
The situation has remained unchanged since September. For bears, a price dip beneath $2,400 would validate the failure of the bounce. The subsequent support levels are positioned at $2,340 and $2,300, indicating the threshold at which the whale’s risk commences. ETH must maintain a level of $2,400 to ensure the continuation of the broader upward trend. In that scenario, the price is expected to incrementally rise back to $2,600. Otherwise, the 2,300 zone becomes the main target, and whale liquidations could further drive the decline.
