I just saw that ETH is going through an interesting moment. It dropped significantly after the US macro data, reached $1956 , and although it recovered a bit, it remains under pressure. The curious thing is what the big holders are doing.

On one hand, some are clearly bearish in the futures. I saw that after ETH broke the $2k mark, long position liquidations exceeded $56 million. Several large holders took the opportunity to switch sides and open shorts. A whale put in $2.18 million into Hyperliquid with 10x leverage in a short position. It wasn't an isolated case: the long/short ratio of ETH dropped to 0.96, indicating that futures traders are betting on the downside.

But what's strange is that at the same time, other whales are doing exactly the opposite. One that had been inactive woke up after a year and decided to stake 8,208 ETH ( about $16.85 million ). That’s usually a sign of long-term confidence, you see? When someone prefers to stake instead of closing positions during a dip, it means they believe this will pass.

Looking at the chart, the bearish momentum has been gaining strength lately. The DMI-ADX shows weak momentum in oversold territory. Although there’s activity from big holders in the market, it doesn’t seem enough to push ETH upward for now. Some analysts see a possible recovery to $2186 before falling further, but the short-term trend remains bearish.