In the midst of market uncertainty, crypto whales are showing signs of unease as they make significant moves with their assets. A recent post by blockchain transaction tracker Lookonchain on X (formerly Twitter) revealed that a massive whale had dumped 20,000 Ethereum (ETH) on the Kraken cryptocurrency exchange, totaling $52.84 million on February 14, 2025.
This recent dump brings the whale’s total ETH holdings to 50,874, worth $134.80 million. However, this is not the first time this whale has dumped ETH, as a similar dump of 20,000 ETH worth $67.60 million was observed on January 16, 2025. Such large dumps of any asset in the cryptocurrency market can create selling pressure and drive prices lower.
As a result of these whale actions, Ether’s price has been affected, currently down 1.10% in the past 24 hours and trading near the $2,655 level. The market sentiment, combined with the substantial whale dump, has led to a 10% drop in trading volume, indicating a bearish outlook among market participants.
Traders seem to be heavily betting on the downside, with a dominant presence of short positions at the $2,700 level totaling $510 million, as reported by on-chain analytics firm Coinglass. Conversely, long positions are over-leveraged at the $2,615 level with $109 million in open positions. These positions are at risk of liquidation as the price moves in either direction.
With whales dumping significant amounts of ETH and traders taking bearish positions, it appears that bears are currently dominating the market, increasing the likelihood of a significant negative impact on the asset’s price. Expert technical analysis suggests that ETH is consolidating near a crucial support level of $2,550. If this support holds, there is a possibility of a surge in price. However, a closure below $2,500 could lead to a 10% drop, potentially reaching the $2,220 level in the near future.
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