Whales Dump ~28,500 ETH — Key Supports $2,882 and $2,607 Under Pressure
On-chain data show concentrated whale selling of roughly 28,500 ETH in a short span. A wallet linked to Lido founder Konstantin Lomashuk sold ~14,585 ETH (~$42.7M) in about an hour, while two other large holders offloaded ~14,000 ETH (~$40.8M) across DEXs and centralized exchanges (OKX, Binance, KuCoin, Gate). The sales came as ETH traded near $2,950–$2,960 and failed to reclaim higher pivot zones. Technicals: ETH is holding an ascending support line and the 50–61% Fibonacci retracement zone (near $2,882); RSI is weak (~36–37), indicating fragile momentum. Overhead liquidity clusters above $3,000–$3,460 could attract price if selling eases. Key levels for traders: immediate support ~ $2,882, deeper demand at ~$2,607, and resistance cluster $3,462–$3,600 (reclaiming which would restore bullish bias). Short-term impact: aggressive whale sells during low liquidity can amplify downside, raise volatility and heighten risk of a pullback toward the $2,600–$2,900 range. Longer term: on-chain adoption signals (e.g., institutional use cases) continue to advance, creating divergence between network fundamentals and price action. Traders should watch on-chain whale flows, weekly closes around $2,800–$2,900, RSI stabilization, and whether ETH reclaims the $3,462–$3,600 resistance to shift sentiment.
Bearish
Large, concentrated whale sales totaling ~28,500 ETH increase immediate downside risk for ETH. The sales occurred during relatively low liquidity and weak momentum (RSI ~36–37), which can exacerbate price moves downward and push ETH toward the next demand zones. Short-term: heightened selling pressure and potential cascade liquidations could drive prices toward the $2,600–$2,900 range unless buying interest steps in. Key technicals — failure to hold the 50–61% Fib (~$2,882) or a weekly close below ~$2,800–$2,900 — would likely deepen the pullback. Medium-to-long term: network fundamentals and institutional adoption remain constructive, which can limit ultimate downside and support recovery when whale selling subsides. However, until on-chain selling abates and ETH reclaims strong overhead resistance (around $3,462–$3,600), price bias remains negative for traders.