Recent data from cryptocurrency analytics firm Lookonchain reveals that a major Ethereum (ETH) whale has sold $12.11 million worth of ETH, signaling fear amid a sharp price decline. Despite this sizeable sell-off, the whale still holds around $12 million in Ethereum. Earlier on the same day, Ethereum’s price fell to lows near $2,240, according to CoinGecko data.
Additional selling pressure is indicated by another wallet depositing $28.9 million worth of ETH to Binance, suggesting further potential liquidations. Multiple other whales also reportedly sold large quantities of ETH amid the downturn.
CoinGlass data shows that Ethereum experienced $300 million in liquidations over the past 24 hours, with the coin’s price dropping approximately 8%, positioning it among the worst-performing major cryptocurrencies by market capitalization this week. Long liquidation positions contributed heavily to this wipeout, and total crypto liquidations across the market amounted to around $712 million in the same time frame.
Bitcoin’s dominance has increased notably as altcoins like Ethereum show weakness, with Bitcoin reaching a new cycle peak in market share. Meanwhile, Ethereum struggles to regain bullish momentum despite steady inflows into U.S.-based spot ETFs.
Smaller to mid-size Ethereum holders and swing traders have also joined the sell-off, with a distinct pattern of panic selling. Ethereum has breached key support levels and moving averages ($2,369, 50-day and 200-day), intensifying bearish pressure. Increased selling volume coinciding with falling prices suggests panic-driven market behavior that could overshoot downside levels before recovery occurs.
Short-term support may be found near the $2,100-$2,150 zone, but Ethereum currently trades below important exponential moving averages indicating sustained vulnerability. Despite strong network activity and Layer-2 adoption, price confidence is shaken. Traders are advised to monitor if panic selling persists or if bargain hunters emerge after technical oversold conditions.