The crypto market recently experienced a sharp sell-off following weaker-than-expected macroeconomic news from the U.S. Ethereum fell below $2.3k, and altcoins were also dragged down, briefly touching $1,956 before a slight rebound. Interestingly, at this moment, the whales are taking opposite actions.

In the futures market, some whales are betting on a decline. One whale deposited $2.18 million into Hyperliquid to open a short ETH position with 10x leverage. Data shows that long positions were liquidated exceeding $56 million, and the ETH Long/Short ratio dropped to 0.96 — a clear sign that the market is trending bearish. The DMI indicator also confirms this, with the downward momentum higher than the upward momentum.

Conversely, another whale just woke up after a year of dormancy and decided to stake 8,208 ETH valued at approximately $16.85 million(. Its current profit is only $768k compared to the peak — meaning this whale is accepting a loss to lock in long-term capital. When whales choose to stake during a downtrend, it’s often a sign of confidence in the future.

So, can ETH hold the $2.3k level? Theoretically, according to the Future Grand Trend indicator, it might rebound to $2,186 before testing $1.8k. But currently, selling pressure remains strong, and whale buying activity is not enough to push the price higher. The trend remains downward for now.