Ethereum: When Whales Cry and Charts Lie

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Well, butter my biscuit and call me crypto-curious, because the crypto market just took a nosedive that would make even the most seasoned rollercoaster enthusiast say, “Whoa, Nelly!” The broader market lost over $2 billion in value, which is roughly the cost of a small island or Jeff Bezos’s weekly grocery bill. Liquidations? Oh, honey, we’re talking $470 million worth. That’s a lot of avocado toast down the drain.

Ethereum, the once-proud prince of altcoins, decided to take a vacation to the bargain bin, dropping below $1.9K like it was last season’s fashion trend. It hit a low of $1844, which is basically the crypto equivalent of “I’m fine, everything’s fine.” As of this writing, ETH is trading at $1873, down 5.72% on the daily charts. Bearish? More like bear-ish, because this market is hibernating harder than a college student during finals week.

Whales, those majestic creatures of the crypto sea, are panicking like they just realized they forgot to pay their Netflix bill. One Matrixport-linked whale decided to double down on their ETH longs, now holding 115,000 ETH worth $215.4 million. That’s right, they’re throwing more money at the problem because apparently, “throwing good money after bad” is the new black. According to Lookonchain, this whale is basically paying shorts to avoid liquidation, which is the financial equivalent of saying, “I’m not crying, you’re crying.”

Whale, Whale, Whale… What Do We Have Here?

As ETH dipped below $1.9K, liquidation levels spiked faster than my caffeine intake on a Monday morning. CoinGlass data shows Ethereum recorded over $110 million in long liquidations between February 22nd and 23rd. Machibigbrother, everyone’s favorite crypto drama queen, got partially liquidated across three positions totaling 7.9k ETH, worth over $15 million. But because no one loves a comeback story more than Machi, they opened additional long positions and now hold $3.2 million in ETH. You go, Glen Coco.

Market Demand? More Like Market De-mand

The Buy Sell Volume Pressure to Price indicator is screaming “capitulation” louder than a Karen in a Starbucks without her pumpkin spice latte. The pressure to price is negative, sitting at 15, and net pressure is also in the red. Translation? Sellers are running the show, and buyers are hiding under their desks like it’s a middle school dodgeball game.

Ethereum’s Demand Index is in the negative zone, which is crypto-speak for “bearish trend reversal.” It’s currently at -0.14, meaning buy-side liquidity is weaker than my willpower around a plate of cookies. Meanwhile, the Connors RSI is at 15.9, which is so oversold it’s practically begging for a rebound. But don’t hold your breath-momentum indicators are showing strong downward momentum, with the +DI at 7 and the -DI at 32. That’s not just a slide; it’s a waterslide straight into the abyss.

If this keeps up, ETH could see more losses, with $1746 acting as the crypto equivalent of a safety net. But hey, if the market decides to take a chill pill, ETH might hold $1.9K and aim for a rebound to $2K. Stranger things have happened, like that time I accidentally wore two different shoes to work and no one noticed.

The Cliff Notes Version (Because Who Has Time for Nuance?)

  • Ethereum [ETH] broke below $1.9K and hit $1844 because the market decided to have a temper tantrum.
  • A crypto whale added to their long positions, now holding 115,000 ETH worth $215.4 million, because apparently, “yolo” is a financial strategy now.

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2026-02-23 15:03