Ethereum weathered an intense, whale-driven sell-off but held a key demand area, trading around $2,957 at press time after a sharp distribution event. What happened on-chain - Lookonchain data shows concentrated selling by large holders within a short window. A wallet linked to Konstantin Lomashuk (Lido Finance founding member and P2P.org founder) dumped 14,585 ETH — about $42.7 million — in one hour. - Two other whales sold roughly 14,000 ETH (~$40.8 million) between them: one moved 10,000 ETH via decentralized exchanges, the other pushed 4,000 ETH through major centralized platforms. - In total, more than 28,500 ETH (about $83.5M) hit the market, intensifying near-term sell-side pressure. Price action and technical context - Despite the heavy distribution, ETH did not suffer an immediate breakdown. Price remained above an ascending support line and consolidated between the 50% and 61% Fibonacci retracement levels — a common reaction zone — with buyers repeatedly defending the lower boundary near $2,882. - Momentum is fragile: the 14-day RSI sat near 36.76, signaling weakening demand but not full capitulation. - Liquidation heatmaps from CoinGlass show liquidity clustered above $3,000, which can act like a magnet for price if selling pressure eases and bulls attempt a rebound. Risks and key levels - If ETH fails to hold the 61% Fibonacci level, the setup would materially weaken and could expose the $2,607 area, where prior demand has emerged. - To shift market sentiment decisively, reclaiming the $3,462–$3,600 resistance zone would be necessary. Until then, ETH remains exposed to volatility and potential extensions in either direction. What to watch next - Watch price reaction around $2,882: a firm defense could invite buyers, while a breakdown would raise the odds of deeper losses. - Monitor RSI for stabilization or further deterioration, along with whether overhead liquidity near $3,000 is pulled into trades on any rebound. Sources: Lookonchain, CoinGlass, TradingView Disclaimer: AMBCrypto's content is informational and not investment advice. Cryptocurrency trading carries high risk; perform your own research before making decisions. © 2025 AMBCrypto Read more AI-generated news on: undefined/news

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