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.

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.

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.

Meanwhile, another whale wallet address, 0xd8ef, deposited 3.25 million USDC into Hyperliquid [HYPE] and opened ETH short positions with 25x leverage.

This particular whale positioned 3,000 ETH worth $12.98 million, with liquidation points placed at the $5,291.9 level.

ETH slips as traders watch key levels

Together, these moves highlighted weakening sentiment.

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.

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Author: Vivaan Acharya