Ethereum’s Big Whales Are Panic-Dumping… And It’s Not Pretty 😱

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Key Takeaways

Ethereum whales deposited millions into Binance and shorted ETH on Hyperliquid as the price tested key triangle support near $4,260. Will bullish traders overpower resistance at $4,415 for a breakout rally? 🤷‍♀️

As Ethereum’s [ETH] price moved sideways, some whales began offloading their ETH holdings. That’s why this whale activity has raised concerns about a potential price decline in the coming days. Because nothing says “I’m confident” like selling your crypto and then hoping for the best. 🎯

Ethereum price at risk as whales offload millions in ETH

Lookonchain shared data showing that the whale wallet address 0x3e38 dumped 7,500 ETH worth $32.33 million into Binance. Like, “I’m taking my money and leaving, bye!” 🏴‍☠️💸

Despite the notable sell-off, the whale wallet still held 7,702 ETH worth $33 million after withdrawing 15,202 ETH between the 20th of July and the 12th of August at an average of $3,869. 

This indicates that the whale is selling its ETH to take profits, as the price has continued to move sideways over the past week. Because who needs stability when you can have a rollercoaster? 🎢

Meanwhile, another whale wallet address, 0xd8ef, deposited 3.25 million USDC into Hyperliquid [HYPE] and opened ETH short positions with 25x leverage. Because nothing says “I’m confident” like betting against the market with 25x leverage. 🚀💥

This particular whale positioned 3,000 ETH worth $12.98 million, with liquidation points placed at the $5,291.9 level. Like, “I’m not scared of the market… I’m just very, very confident.” 💪

ETH slips as traders watch key levels

Together, these moves highlighted weakening sentiment. Because nothing says “I’m excited” like a 1.20% drop. 🙃

Over the past 24 hours, ETH slipped by 1.20% to $4,306 at press time. Not to mention, this decline has triggered a surge in trader and investor participation. Because nothing says “I’m thrilled” like watching your crypto tank. 🤡

CoinMarketCap data revealed that ETH’s 24-hour trading volume soared by 11% compared to the previous day. Because who doesn’t want to trade when the market is a dumpster fire? 🔥

This bearish whale activity coincided with ETH hovering near the base of a descending triangle on the four-hour chart. AMBCrypto’s analysis noted no clear directional bias yet. Because “no clear directional bias” is just a fancy way of saying “we’re all just winging it.” 🤷‍♂️

However, the 9-day EMA crossed below the 15-day EMA, flashing a bearish signal. Because nothing says “I’m optimistic” like a technical indicator screaming “this is bad.” 📉

Since the 15th of August, ETH has recorded four such crossovers, each followed by notable declines, heightening concerns of another dip. Because “notable declines” is just a euphemism for “market meltdown.” 🌪️

And so, based on recent price action, ETH’s downside momentum could be activated only if the price falls below the $4,260 level. Because nothing says “I’m hopeful” like a $4,260 support level. 🤞

Now, if that happens, Ethereum may decline further to below $4,000. Because who wouldn’t want to see their crypto drop to $4,000? 🤡

On the other hand, a rally could be possible if ETH clears the descending trendline resistance and the hurdle at $4,415. If this occurs, ETH could soar by 10% and reach the $4,865 level. Because nothing says “I’m thrilled” like a 10% rally. 🎉

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2025-09-03 23:09