Forward Industries Sells 8,200 ETH at Loss as Ethereum Holds $1,800 Support
A wallet linked to Forward Industries moved 8,200 ETH (~$14.91M) to Coinbase on Feb 25, realizing an on-chain loss of about $10.82M. The address had accumulated 23,491 ETH (~$76.26M) over prior years and had staked most holdings before redistributing to exchanges rather than cold storage. The sale increases centralized exchange supply at a technically sensitive time for Ethereum. ETH trades inside a long-term descending channel, recently losing $2,122 and sitting near $1,889 with a converging lower boundary around $1,800. Technicals show 14-day RSI near 33.4 (oversold range) and an OI-weighted funding rate slightly positive (+0.0050%), indicating some leveraged longs paying to hold positions. Liquidation data shows short-side dominance ($37.65M in short liquidations vs $6.6M in longs), suggesting crowded short positioning and squeeze risk if $1,800 holds. Traders face two scenarios: a decisive close below $1,800 could accelerate downside into deeper liquidity, while sustained defense and reclaiming intraday levels could trigger a rapid short-covering relief rally toward prior breakdowns. Overall, increased exchange inflows from a long-dormant holder, heavy short exposure, and fragile funding create higher short-term volatility and directional risk for ETH.
Bearish
The sale of 8,200 ETH by a long-dormant Forward Industries-linked wallet into Coinbase increases centralized sell-side supply at a technically sensitive juncture for ETH. Price sits inside a long-term descending channel and is testing critical support near $1,800; losing that level would likely trigger further downside into deeper liquidity. On-chain and derivatives signals heighten near-term risk: short-side liquidations dominate (indicating crowded shorts), funding has turned slightly positive (longs are paying to hold), and RSI sits in oversold territory but without bullish divergence. The combination—added exchange inflows from a previously staked long-term holder, heavy short exposure that could unwind either way, and fragile funding—favors greater downside probability while preserving squeeze risk. Historically, similar events (large transfers from dormant wallets to exchanges during technical weakness) have preceded short-term price drops as sellers seek liquidity. Traders should therefore expect elevated volatility, prepare for potential rapid declines if $1,800 breaks, and watch for quick short-covering rallies if support holds and reclaims intraday levels.