Ethereum Whales And HODLers Follow Vitalik’s Cue As $1,800 Risk Grows
Ethereum faces downside risk toward $1,800 following a technical breakdown, coinciding with sales by Vitalik Buterin and subsequent distribution by whales and long-term holders.Summary
Ethereum's price is under pressure after confirming a bearish head-and-shoulders pattern breakdown on February 3, projecting a downside target near $1,820. This technical signal was reinforced by on-chain data showing Vitalik Buterin sold approximately 2,961 ETH ($6.6 million) around the same time. Following this, large holders (whales) reversed recent accumulation, distributing over $290 million worth of ETH, and long-term holders (hodlers) also shifted to net selling for the first time in weeks. On-chain cost cluster analysis supports the bearish outlook, indicating strong support for ETH is clustered between $1,820 and $1,880. Unless Ethereum reclaims key resistance levels like $2,270, the $1,800 zone represents a critical near-term downside risk.
(Source：BeInCrypto)