Just saw whale activity on ETH, quite interesting. The market dropped hard yesterday due to disappointing US macro data, and ETH fell below $2k again, touching $1956 before bouncing. Interestingly, some whales are taking bearish positions in futures – one deposited $2.18 million into Hyperliquid and opened a short with 10x leverage. Long liquidation also hit $56 million, so many were forced to exit.

But wait, there's another story. A whale that slept for a year woke up and staked 8,208 ETH worth $16.85 million on Kiln_finance. This usually signals long-term confidence – they’re not selling, but staking. So now there are two camps in the market: the bearish taking short positions, and others believing this is just a phase and ready to hold.

The ETH long/short ratio has fallen below 1, indicating futures sentiment is currently bearish. Positive momentum is very weak, oversold at level 20. But looking at trend indicators, there’s potential for a bounce to $2186 before possibly dropping again to $1.8k. ETH is now at $2.32K, down 0.67% in 24 hours. The key is whether the support $2k can hold or will break further down.