I noticed an interesting whale activity on Ethereum in recent days. While ETH was facing pressure and falling below $2,000, long position liquidations exceeded $56 million. But the curious thing is that some larger dolphins started doing the opposite — opening short positions with very high leverage. One of them deposited $2.18 million into Hyperliquid with 10x leverage betting against the market.

The long/short ratio dropped to 0.96, showing that futures are quite bearish as well. But here comes the most interesting part: a whale that had been inactive for a year woke up and staked 8,208 ETH, roughly $16.85 million. Usually, when big holders do this during a dip, it’s a sign of long-term confidence, you know? They’re kind of saying “I’ll hold and earn yield while waiting for things to improve.”

Looking at the technicals, the DMI indicator is showing weakness on the positive side (around 20), and the negative index is above the positive at 22, confirming this bearish bias we see. The DMI indicator has been quite useful in understanding whether this move is really strong or not. With the DMI indicator signaling negative momentum, it’s hard to go up even. Some analysts mention that the DMI indicator might give a recovery signal toward 2,186 before dropping further, but for now, the DMI indicator is indicating downside. ETH is now at $2.32K, but pressure remains real.