Noticed an interesting movement in the Ethereum market in recent days. After the release of poor macroeconomic data from the US, the crypto market declined, and ETH broke support at 2k, falling to 1,956. It has now recovered to around 2.30K, but the situation remains tense.

What’s interesting is that whales are clearly not sleeping. There was a massive closing of long positions on futures, with liquidations exceeding $56 million. But instead of just exiting, some major players turned around and opened shorts. One whale literally deposited $2.18 million into Hyperliquid and opened a short position with 10x leverage on ETH. The long-to-short ratio dropped below 1 to 0.96 — clearly bearish sentiment on futures.

Meanwhile, something opposite is happening. One dormant whale, who hadn’t touched their tokens in a year, suddenly woke up and staked 8,208 ETH ( worth $2.3k through Kiln_finance. The person accumulated these tokens for $16.09 million; they are now worth $16.85 million — essentially at a loss, but instead of panicking, they chose to stake. This usually indicates strong confidence in long-term growth.

Technically, the situation remains complicated. Looking at the DMI indicator — the positive impulse is weak, in oversold territory at 20, while the negative index is higher at 22. This confirms a bearish structure. However, Future Grand Trend suggests a recovery to 2,186 before possibly falling back to 1.8K. So whales are clearly waiting for a bounce to take positions. It’s interesting whether the 2K level will hold or if there will be another test downward.