Ethereum dropped hard enough to test the buy wall zone this week. High-leverage long positions got wiped out in that move. The sell wall sitting around $2,250 is still intact.
According to @CW8900 on X, the drop cleared most leveraged longs near that support band. The next rotation, the account noted, shifts pressure toward short positions facing liquidation.
Whale Wallets Flash a Historic Signal
Right in the middle of that selloff, something shifted in the on-chain data. The unrealized profit ratio for ETH whale wallets holding 100,000 or more ETH flipped back above zero.
Cointelegraph on X flagged the development, citing analyst data showing this specific flip has preceded 25% gains within three months historically. Within a year, some cycles saw moves of up to 300%.
That signal does not guarantee direction. But it carries weight given the wallets involved.
$1,600 Still on the Table
The Elliott Wave picture reads differently. @Morecryptoonl on X walked through counts showing ETH may have just completed a five-wave decline, testing the 61.8 Fibonacci level near $2,078.
“So it is possible now that with this five-wave decline, the market attempts to form a corrective bounce next.”
The move up from February’s low reached roughly 38%. That structure, according to the analysis, read as corrective in three waves, not an impulsive trend. Which keeps the bearish count alive.
Resistance sits between $2,162 and $2,283. As long as Ethereum holds below that range, a drop toward $1,600 stays the primary risk scenario. The analysis leaves room for the bullish white count, a W-X-Y corrective structure, but flags it as dependent on how the next bounce unfolds.
A Trump-related post was identified as a probable catalyst for the most recent leg down. Whether that carries lasting weight at this timeframe, the analysis leaves open.
Leverage is thinner now after the long liquidations. Short positions are the next pressure point. The whale profit flip sits in the background, quiet but historically relevant.
