The price of Ethereum has officially fallen below key support levels, and market sentiment is deteriorating rapidly as major assets across the cryptocurrency landscape continue to decline. Analysts are increasingly calling for the arrival of a new bear market, noting that both Bitcoin and leading altcoins have lost important technical areas that previously held the broader structure together. ETH, now trading at multi-month lows, is feeling the full weight of cascading liquidations, strong selling volume, and evaporating investor confidence.
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Adding to the growing uncertainty, Lookonchain reported a startling development: in just 10 days, more than $61 million in profits had disappeared for a well-known market participant often referred to as Whale Anti-Czechoslovakia.
This trader previously gained interest in aggressively opening short positions immediately after Czechoslovakia’s purchase of ASTER – a move that paid off well until the recent spate of violence. deflation Reverse his fortunes.
The collapse of unrealized profits for the anti-Czechoslovak whale adds pressure
According to Lookonchain, the trader known as Whale Anti-Czechoslovakia It took a huge hit during the recent market downturn – and Ethereum is at the center of the damage. Just 10 days ago, this was a whale Accumulated Nearly $100 million in total profits on Hyperliquid, largely fueled by aggressive positions established during periods of high volatility.
However, with the sharp correction in the cryptocurrency market, the massive long positions of ETH and XRP turned against it. The result was a brutal drawdown: his total winnings are now down to just $38.4 million, wiping out more than 60% of gains in less than two weeks.
This dramatic reversal reflects the misfortune of more than one trader – it indicates the extent of the pressure affecting Ethereum. As ETH continues to decline and investor sentiment deteriorates, even the most experienced players are struggling to ride out the volatility. The whale’s rapid earnings erosion highlights how quickly bullish conviction turns when key support levels fail.
For Ethereum, maintaining the current zone is crucial. The price action has already caused significant pain across longs, short holders, and leveraged players. If Ethereum decisively loses this support, the next wave of forced selling could exacerbate losses and accelerate a broader market capitulation.
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ETH Price Analysis: Testing a Key Weekly Support Area
Ethereum has entered a critical phase on the weekly time frame, with the price falling sharply towards the $2,680 region – a level that now acts as the last meaningful support before the market collapses deeper. The chart shows a strong rejection from the $4,500 area earlier this quarter, followed by a continuing series of lower highs and lower lows, confirming the medium-term downtrend.
The 50-week moving average has been decisively missed, and ETH now sits directly above the 100-week moving average, a level that has historically served as a key pivot during major market corrections.
Trading volume expanded during the recent decline, highlighting an environment driven by fear and forced selling rather than controlled profit-taking. This is consistent with broader market conditions, where liquidity is weak and volatility remains high across major currencies. A clean break below $2650 would open the door to a retest of the $2300-2400 area, which served as a strong buildup over previous sessions.
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However, the weekly chart also shows that Ethereum is entering historically oversold territory, similar to mid-2022 and late 2023, where reversals eventually formed after weeks of pressure. For now, Ethereum must remain above this weekly support to avoid a deeper correction and maintain the structure needed for a potential recovery.
Featured image from ChatGPT, chart from TradingView.com
