Ethereum’s Wild Ride: Whales, Wails, and Wallet Woes! 🐳💸

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Well, I say, old bean, it appears that Ethereum 🦄, trading at a rather stout $4,330 (market cap: $522.97 B, 24h vol: $43.53 B, 24h volatility: 4.8%), has taken a bit of a tumble, down nearly 6% on Thursday. Jolly bad show, what? The chaps were seen rushing to cash out faster than Jeeves fetches my morning tea ☕ after an aggressive rally that briefly nudged prices toward $4,700. Egad!

This sell-off, my dear reader, sparked more volatility than a Bertie Wooster escapade, with Ethereum-based NFTs taking a sharper hit than a poorly aimed cricket ball 🏏. Quite the kerfuffle, I assure you.

Whales Exit Stage Left, Then Re-Enter with Fanfare 🎭

Old blockchain tracker Lookonchain flagged a string of whale moves that smacked of uncertainty, rather like Aunt Agatha’s mood at breakfast 🥓. Whale wallet 0x89Da closed a 21,683 ETH ($93.5 million) long position at a $6.6 million loss, withdrawing 9.6M USDC from Hyperliquid (HYPE: $44.04, 24h vol: $296.55 M, market cap: $14.77 B, 24h volatility: 6.3%). But, dash it all, the fellow couldn’t stay away! He promptly jumped back in, opening another long worth 15,353 ETH ($65.6 million). Back at the tables already-gamblers never quit, eh? 🎲

“Back at the tables already-gamblers never quit.”

Whale 0x89Da is back with 9.6M $USDC and opened a long position of 15,353 $ETH($65.6M) again.

– Lookonchain (@lookonchain) August 18, 2025

Meanwhile, another chap, starting with a mere $125K four months ago, compounded his gains to build a staggering 66,749 ETH ($303 million) position, peaking at $43 million in account equity. Blimey! He later closed out, walking away with $6.86M in profits, a remarkable 55x return, even if far from the peak. Top hole, what?

“This legendary trader has closed all 66,749 $ETH($303M) longs, locking in a profit of $6.86M(55x)!”

Starting with only $125K, his total account equity peaked at over $43M(a 344x return), but now stands at $6.99M(a 55x return) after closing.

– Lookonchain (@lookonchain) August 18, 2025

Chaos in the Market: Panic and Profits 🌀

Swing trader 0x8062 panic-sold 2,277 ETH ($9.57M) at $4,203, locking in $4 million in profits despite high slippage. Rather like selling the family silver at a car boot sale, if you ask me. 🏷️

“Due to the market drop, swing trader 0x8062 panic-sold 2,277 $ETH($9.57M) at $4,203 with high on-chain slippage, locking in a profit of $4.04M.”

– Lookonchain (@lookonchain) August 18, 2025

On the flip side, whale 0xd8d0 executed a double play, selling 10,000 stETH ($38.1 million) and 398 BTC ($46.4 million) (BTC: $116,122, 24h vol: $40.56 B, market cap: $2.31 T, 24h volatility: 1.7%) for 84.9 million USDC before reloading, using nearly the same sum to repurchase 10,000 ETH ($43.4 million) and 350 BTC ($40.5 million) during the dip. Quite the financial acrobat, that one! 🦸♂️

“During the market drop, the swing-trading OTC whale 0xd8d0 spent 83.96M $USDC to buy 10,000 $ETH($43.43M) and 350 $BTC($40.53M).”

– Lookonchain (@lookonchain) August 18, 2025

NFT Market Takes a Tumble: Woe is Me! 🎨💔

The fallout from ETH’s drop rippled into the NFT market, which shed $1.2 billion in value in less than a week. Good grief! According to NFT Price Floor data, total NFT market capitalization sank to $8.1 billion from a Wednesday peak of $9.3B, a 12% decline. Since most NFT collections are priced in ETH, swings in Ethereum’s valuation directly impact NFT floors. With ETH sliding 9% from its recent high, many top collections also corrected sharply. Rather like a deflating soufflé, wouldn’t you say? 🍰

ETH Price Analysis: Key Resistance Blocks Path Like a Stubborn Butler 🚪

The weekly chart shows ETH trading within a broad ascending channel, with the recent rejection occurring near the channel’s upper resistance at around $4,500-$4,700. The dip toward $4,260 suggests short-term profit-taking after testing the resistance. With the RSI (67.8) near overbought and the MACD indicating bullish momentum, the CMF suggests that ETH’s price drop could attract more buyers, making it a top crypto to buy in 2025. Capital!

ETH weekly chart with momentum indicators. | Source: TradingView

If ETH holds above $4,200 support, a rebound toward $4,600-$4,700 is possible, keeping the bullish channel intact. However, a breakdown below $4,200 could expose the $3,800-$3,900 zone as the next major support, where the lower channel line aligns with historical price action. Fingers crossed, old sport! 🤞

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2025-08-18 20:37