Ethereum’s price is crumbling, and the market’s biggest whales are sweating bullets. ETH plunged to $1,775, dropping below the critical $1,800 support level that has market analysts reaching for their anxiety meds. A 3% drop in 24 hours might not sound catastrophic, but when two whale vaults holding a combined 125,603 ETH ($235 million) are teetering on the edge of liquidation, things get dicey fast.
These aren’t your average crypto bros. We’re talking about major players with liquidation prices at $1,805 and $1,787. Do the math. They’re underwater. Their collateral health ratio has tanked to 1.07, practically a financial heart attack waiting to happen. If these positions get liquidated, expect a tsunami of sell pressure. Not exactly what the doctor ordered for an already bleeding market.
Technical indicators aren’t painting a prettier picture. RSI at 24.37? Oversold. ADX at 38.6? Strong downtrend. The Bollinger Bands have widened like a yawning chasm, with the lower band sitting ominously at $1,750. Trading volume shot up 20% to 12.5 million ETH in 24 hours. That’s a lot of panic selling.
The reasons behind Ethereum’s struggles read like a greatest hits of blockchain problems. Layer-2 solutions like Base are bleeding value from the ecosystem. DeFi dominance? Shrinking. Fee revenue? Tanking. Network effect? What network effect? The lack of technological improvements in Ethereum’s blockchain has also contributed to investors seeking alternatives with better transaction speeds and security.
Even the suits at Standard Chartered have lost faith, slashing their 2025 price target from a moonshot $10,000 to a more earthbound $4,000. This stark downgrade follows Ethereum’s dramatic decline from earlier highs of $3,500 to current levels, mirroring the market turbulence noted by analysts. Their analysts blame a $50 billion value drain to Layer-2 networks. Ouch.
Not all hope is lost, though. The upcoming Pectra upgrade in 2025 might plug some holes, and staking yields could improve. Some large whales are even buying the dip, with one scooping up 6,000 ETH recently. Smart move or catching a falling knife? Only time will tell if these giants can keep their heads above water.
