Ethereum Whale Sell-off 20,000 ETH, Traders’ Eyes on $2,200
Amidst the ongoing market uncertainty, Crypto whales seem to be uneasy about holding assets, as evidenced by their recent actions. On February 14, 2025, blockchain transaction tracker Lookonchain shared an article on X (formerly Twitter), revealing that a giant whale has dumped 20,000 Ethereum (ETH) worth $52.84 million, $52.84 million was poured into Kraken Cryptocurrency Exchange.
Whale dumps 20,000 Ethereum (ETH)
With this dump, the whale currently has 50,874 ETH worth $134.8 million. However, judging from the post, this does not seem to be the first time this whale has abandoned ETH. The latest dump was noted on January 16, 2025, when Kraken witnessed sales of 20,000 ETH worth $67.6 million.
This giant whale just deposited 20,000 $ETH($52.84M) to #Kraken again, leaving 50,874 $ETH($134.8M).https://t.co/9AvK9JHVqS pic.twitter.com/nbS2zLOAR7
— Lookonchain (@lookonchain) February 13, 2025
In the cryptocurrency market, such a large investment in any asset has the potential to create sales pressure and drive prices down.
Current price dynamics of ether
However, the price of Ether seems to have been affected, as it is currently down 1.10% in the past 24 hours and trading at close to $2,655. CoinMarketCap data suggests that this massive dump and ongoing market sentiment seem to affect market participants, resulting in a 10% drop in transaction volume.
Trader bearish positions Skyrockerts
With this bearish outlook, traders have strongly bet on the downside, betting that prices won’t rise in the coming days, as chain analytics firm Coinglass reported. Data from the ETH Exchange clearing map show that traders holding short shares dominate the assets, with over-leveraged positions of $2,700, totaling $510 million.
Meanwhile, traders holding long positions are highly leveraged at $2,615 and their open positions are $109 million. Once the price moves in any direction, these long positions and short positions will be liquidated.
When combining whales’ important dumps and traders’ bearish bets, it appears that bears are currently dominant, increasing the likelihood of a significant negative impact on asset prices.
Ethereum (ETH) price action and upcoming levels
According to expert technical analysis, eth Currently, mergers are within a tight range of key support levels close to the critical support level of $2,550.
According to recent price action, if ETH has this support, then assets may surge. On the other hand, if ETH fails to maintain this level and closes $2,500 below the daily candle, it could drop 10% to reach $2,220 in the near future.
