28,500 Ethereum sold – Is ETH’s key support now at risk?

In volatile conditions, assets with deep liquidity often reveal stress before price confirms direction. Ethereum [ETH] reflected this behavior as large holders aggressively reduced their exposure.

At press time, ETH traded near $2,957, consolidating after a sharp sell-off. Despite the scale of distribution, sellers failed to trigger an immediate breakdown.

This response suggested that the market had absorbed the supply, although downside risk remained elevated.

Whale-driven sell pressure intensifies

On‑chain data from Lookonchain revealed concentrated selling activity by several large holders within a short period.

A wallet tied to Konstantin Lomashuk, founding member of Lido Finance and founder of P2P.org, sold 14,585 ETH worth $42.7 million in just one hour.

In addition, two other whales offloaded a combined 14,000 ETH valued at $40.8 million. One address sold 10,000 ETH through decentralized exchanges, while another moved 4,000 ETH via major centralized platforms.

In total, more than 28,500 ETH hit the market, intensifying short‑term sell‑side pressure.

Liquidity gathered overhead as ETH tested ascending support

Despite aggressive distribution, Ethereum’s price action suggested controlled absorption rather than disorderly selling. ETH continued trading above ascending support and also between the 50% and 61% Fibonacci retracement levels, a zone that often draws price reactions.

Buyers repeatedly defended the lower line near $2,882, limiting downside follow-through. However, momentum remained fragile, with RSI at 36.76 at press time, reflecting weakening demand without capitulation.

Liquidity remained clustered above $3,000 on liquidation heatmaps, a configuration that can act as a price magnet if selling pressure weakens.

Still, failure to hold above the 61% Fibonacci level would materially weaken the setup. Such a move could expose the $2,607 region, where prior demand previously emerged.

Is Ethereum absorbing distribution or nearing invalidation?

The market appeared divided between short-term distribution and longer-term positioning. Whale selling applied pressure, and the price avoided a decisive breakdown during the observed window.

Overhead liquidity often acts as a draw during consolidation phases. However, reclaiming the $3,462–$3,600 resistance zone would be required to shift sentiment decisively.

Until then, ETH remained exposed to volatility-driven extensions in either direction.

What to watch next? Ethereum’s reaction around the $2,882 level may define near-term direction. Traders may watch for RSI stabilization or a loss of Fibonacci support.

Final Thoughts

• ETH holding above $2,882 helped absorb recent whale-driven sell pressure
• A sustained breakdown below support could open the path toward the $2,607 zone