I just noticed something interesting with ETH whales in recent days. While the market plummeted due to those weak macroeconomic data from the U.S., Ethereum hit lows around $1956 before bouncing back. It’s now at $2.32K, but the action remains quite volatile.

The curious thing is that the whales are divided. Some are clearly bearish in the short term: one whale put in $2.18 million into Hyperliquid and opened a short position with 10x leverage. This is not an isolated case; the Long/Short ratio for ETH dropped to 0.96, indicating quite a bearish sentiment in futures. Long liquidations exceeded $56 million when ETH broke below $2K.

But here’s the interesting part: at the same time, a whale that had been dormant for a year woke up and decided to stake 8,208 ETH ( about $16.85 million). That’s not a move from someone scared; it’s clearly someone who believes in the long term. When whales stake instead of selling during dips, it generally signals strong confidence.

So basically: bearish in futures short-term, but bullish long-term in spot. The market remains pressured, but if ETH manages to hold at $2.3K, it could recover toward $2186 according to some indicators. The DMI-ADX shows negative momentum for now, but nothing definitive yet.