Crypto
Ethereum Whale Dumps $13.6M as $2,300 Becomes Resistance
A whale that bought ETH near $2,691 just sold at $2,085, taking a $3.1 million loss. The sale comes as $2,300 turns from support into resistance.
BLOCKINSIDERLoadingA whale that bought ETH near $2,691 just sold at $2,085, taking a $3.1 million loss. The sale comes as $2,300 turns from support into resistance.
Key Highlights:
Ethereum is under pressure again, and one large holder decided not to wait around. An over-the-counter whale tracked as 0x69A8 sold 6,532 ETH worth roughly $13.62 million at an average of $2,085, taking a loss near $3.1 million.
The same wallet bought 5,105 ETH for $13.74 million at $2,691 only a month ago. The sale comes at a time when ETH lost the $2,300 level on the monthly chart.
Crypto analyst Rekt Capital flagged the setup last week, while ETH was still rallying. His point was that Ethereum had posted a monthly close below $2,300, which set the stage for a bearish retest of that level from underneath.
That retest has now played out. ETH pushed back toward $2,300, failed to break it and turned lower. The level that held the price up for months is now the one pushing it down.
The whale’s timing fits that picture. Buying near $2,691 meant the position went underwater as soon as ETH lost the $2,400 to $2,450 zone. Selling at $2,085 suggests the holder expects more weakness, not a quick recovery back above $2,300.
Rekt Capital’s chart shows an orange zone under $2,300 that he describes as a pool of historical liquidity. ETH is now trading inside it.
In the past, this zone followed a familiar pattern. Whenever ETH closed a month above $2,300, price would sometimes wick down into the orange region for a volatile retest. The monthly close would then land back above $2,300, and the level held.
This time the order is reversed. ETH closed the month below $2,300 first. With the level now flipped to resistance, a bigger move into the orange region is on the table.
For bulls, the orange area has to hold, and ETH needs a monthly close above the bottom of that box to keep it as support during this retest.
The shorter timeframes show a similar situation. On the 1-hour ETH/USDT chart, Ethereum has printed lower highs and lower lows since the sharp sell-off from the $2,400 to $2,450 area.
The price recently dipped to about $1,984 before bouncing back above $2,000. Selling volume climbed during that drop, while the rebound brought in only modest buying.
The RSI sits between 40 and 46. That points to weak buying strength, but it is not deeply oversold on the hourly chart. Taken together, the $2,300 rejection on the monthly chart and the bearish hourly structure line up.
In the near term, the $1,985 to $2,000 zone is the floor to watch. Holding it could give Ethereum a path to test $2,050 to $2,075, followed by $2,100 to $2,120.
If $1,985 gives way on an hourly close, the bounce loses its footing. The next area of interest sits around $1,950 to $1,960, with other technical maps placing support near $1,994 and $1,949.
As long as Ethereum stays below $2,300, the monthly structure favors sellers, and the orange liquidity zone stays in play. A monthly close back above $2,300 would undo much of the bearish case.
The whale’s $3.1 million loss shows how quickly things changed. A month ago, buyers were chasing ETH near $2,700. Now Ethereum is fighting to stay above $2,000.
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