Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»EXCHANGE NEWS»ETH Rejects $2.8K; Whale Losses Surge as Price Drop Deepens
EXCHANGE NEWS

ETH Rejects $2.8K; Whale Losses Surge as Price Drop Deepens

By Crypto FlexsAugust 28, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
ETH Rejects .8K; Whale Losses Surge as Price Drop Deepens
Share
Facebook Twitter LinkedIn Pinterest Email

Ethereum is under significant selling pressure after its latest attempt to recover from a multi-month low earlier this month. The cryptocurrency has been on a three-week retreat, retesting the critical $2,819 threshold that previously served as a key support level. However, this support has turned into resistance, leading to a rejection that signals a potential downside for ETH.

The bear market structure remains the same

The range context for Ethereum is still not good from the short-term perspective. The coin has formed lower highs and lower lows since reaching the $4,000 mark and has been retracing its losses over the past three weeks. However, the rejection at the $2,819 resistance zone over the weekend indicates that the bears still have the upper hand.

The current price action is the same, suggesting that the bearish trend of Ethereum will resume if the $2,819 level remains the limit for further upside. There is clear new selling pressure around this resistance area of ​​$2,819, and a break above it has not yet been confirmed.

This price weakness leaves ETH at risk of further downside, with support at $2,509 and a monthly low at $2,132.

Whale Exit Position in Loss

Following the Ethereum price drop, several large holders, commonly referred to as “whales,” have closed out their positions after seeing significant losses. As reported earlier today by Lookonchain, one whale sold 5,088 ETH, or $13.58 million, resulting in a loss of $3.66 million.

Another whale sold 5,088. $Ethereum($13.58 million) Lost $3.66 million 6 hours ago!

This whale withdrew 5,088. $Ethereum($17.24M) from #Binance $3,389 from March 28 to April 3. https://t.co/wecLHHWDDL pic.twitter.com/Y4hbRHmPZg

— LookOnChain (@lookonchain) August 27, 2024

The whale had previously withdrawn the same amount of ETH from Binance between March 28 and April 3, when the price was $3,389. The timing of this selloff suggests that the whale’s initial intention may have been to hold onto the asset for potential gains. However, the market decline resulted in significant losses, forcing a selloff.

Along with other large single interactions, another whale deposited 8,825 ETH, or about $24 million, into the Binance exchange a few hours ago. This incident resulted in a loss of $3.96 million.

One whale deposited $8,825. $Ethereum($24M) #Binance I sold it 25 minutes ago and lost $3.96 million!

This whale bought 8,825 of them. $Ethereum($27.96M) from $3,169 #Binance Between July 27th and August 3rd, before the market crash. https://t.co/yA0mOcgOcC pic.twitter.com/nysVeaYaQ5

— LookOnChain (@lookonchain) August 26, 2024

Initially, the whale bought ETH between July 27 and August 3 at an average price of $3,169 per ETH. However, the recent market turmoil caused by the crash has led to these huge losses, which explains the volatility of the cryptocurrency market.

Potential for a massive selloff: Key levels to watch

The recent rejection at $2,819 has raised concerns that a massive selloff could begin, especially if Ethereum fails to find support at the $2,469 level. If this support level is breached, the price could move to $2,132 or even $2,000. Selling volume is very low at the time of writing, but if selling activity increases, the bearish move could intensify.

ETH.USD 1-week chart (Source: TradingView)
ETH.USD 1-week chart (Source: TradingView)

On the other hand, a recovery above the $2,819 resistance level, which represents the initial collapse level of last month, could provide some relief. If Ethereum reclaims the $3,087 level, the bearish trend could reverse and the stage could be set for a potential recovery. However, until such a recovery occurs, the outlook remains cautious.

Also Read: DOGS Down Over 30% Since Listing, Price Speculations for 2024

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Dogecoin (DOGE) after collision

June 23, 2025

Litecoin Key Support in Focus Price Eye Brake Out Determination

June 20, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

XRP price drops 15% in 3 days. Will Ripple’s legal setbacks mark a bottom?

October 5, 2024

Gaming giant Ubisoft adopts blockchain technology as node validator in XPLA ecosystem

March 9, 2024

Bitcoin prices face core obstacles. Can Bulls pass the power?

May 27, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.