Ethereum broke KEY support, retail says ‘buy the dip’ – But whales say...
Ethereum Ethereum broke KEY support, retail says ‘buy the dip’ – But whales say… Ethereum breached the psychological $2k support for the first time since late March, falling to a low of $1,967. At press time, ETH traded at $1,978 after a 4.43% daily decline. The drop intensified activity across the broader market. Why did Ethereum whales turn bearish? After ETH fell to a two-month low, several whales flipped bearish and began shorting the market. According to Onchain Lens, whale “Evaded” opened a 12,600 ETH 25x short position worth $25 million. Following the decline, the position was already up $722k. The move reflected growing bearish conviction among large holders. On top of that, the whale did not appear isolated. In fact, the Long/Short Ratio dropped to 0.89. Such levels suggested most active traders positioned for further downside. Source: CoinGlass The growing demand for shorts indicated bearish sentiment dominated derivatives traders. That shift also appeared across the Spot market. According to Onchain Lens, another whale returned after two dormant years and deposited 3,466 ETH worth $7 million into Kraken. The whale originally purchased the tokens for $9.1 million. The transfer locked in a $2.1 million loss, signaling capitulation. Are retail traders buying the dip? After ETH hit a monthly low, retail traders aggressively bought the