Ethereum’s Dramatic Dive: Will it Rise from the Depths like a Lazarus of Crypto?

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Ah, the grand theatre of the cryptocurrency bazaar! How it has once again taken the stage, presenting a sensational drama of loss and desperation. The broader crypto market has witnessed a tumultuous sell-off, shedding more than $170 billion in its grand total market value. Among the unfortunate players in this tragic comedy was our dear Ethereum [ETH], which found itself plummeting to the depths of $2,681-levels reminiscent of the frostbitten November days of 2025.

As the clock struck the time of reporting, ETH was trading at a mere $2,714, down a staggering 8.2% on the daily charts. This marked yet another chapter in its long saga of decline. With ETH touching the chilly waters of $2.6k, the whales, those great leviathans of finance, stirred from their slumber, causing a ruckus in both spot and futures markets.

The Tale of Ethereum’s Long Liquidation: A Whopping $242 Million!

In this act of liquidations, our esteemed Ethereum saw its long positions suffer a most catastrophic fate. Investors clinging to their aspirations experienced a dramatic $242.4 million in liquidations-a figure that had swelled by a comical $175 million in just the previous day. One can only imagine the lamentations echoing through the digital halls of despair.

Among the many heart-wrenching tales was that of the renowned ETH trader, MachiBigBrother, who met with an unfortunate full liquidation on his 25x long position, losing a staggering $2 million-an amount sufficient to purchase several grand estates in the more prosperous realms of our world. Alas, his total losses now surpassed a somber $25.8 million. Yet, as if touched by the spirit of resilience, Machi returned to the fray, depositing $144,573 in USDC into Hyperliquid, as if to challenge fate itself.

Meanwhile, another whale, having been dormant for two long years like a bear in hibernation, re-emerged to sell 699 ETH for $1.87 million, promptly depositing it into Hyperliquid before daring to open an ETH long position with a bold 20x leverage, valued at $18 million. Such audacity! One might say their confidence borders on the mad.

With these mighty whales resurfacing after such a slip, one cannot help but wonder if they possess a secret knowledge of impending fortunes. Or perhaps they merely wish to engage in a game of high stakes poker, confident that this correction will be but a fleeting moment in the annals of time.

A Whale’s Grand Gesture: Adding $56 Million Amidst the Dip!

In the wake of falling prices, Ethereum whales descended upon the market with fervor, participating in the buying of the dip as if it were a fine wine. According to the whispers of Onchain Lens, one notable whale purchased an additional 20,000 ETH for the princely sum of $56.03 million, swelling their holdings to a staggering 110,154 ETH, now valued at a mere $311.26 million-a trifling amount, really, for such aquatic giants.

This continued accumulation signifies a conviction among these whales, who seem to perceive the current state of affairs as an ideal opportunity for strategic positioning, as though they were generals plotting their next great campaign.

The exchanges, too, echoed this spree of opportunism. According to CoinGlass data, a hearty $2.34 billion in ETH flowed out of exchanges, while inflows lagged behind at a mere $2.19 billion at the time of writing, painting a vivid picture of aggressive spot accumulation.

The Spot Netflow, rather dramatically, dropped 967% to $146.3 million. One might note that such a trend typically signals increased scarcity-setting the stage for a theatrical price recovery, a prelude fit for the finest operas.

And Now, the Inevitable Question: Is ETH at Risk of Further Slip?

However, the tides of fortune are fickle! Ethereum’s substantial liquidations following the market crash have further exacerbated the downward pressure. The altcoin’s Relative Strength Index (RSI) has plunged deeper into bearish territory, resting at a woeful 35. Simultaneously, its Directional Movement Index (DMI) has fallen to 13, affirming the sellers’ dominance as they reign supreme in this unfortunate epoch.

Thus, while whales may be indulging in a buying frenzy, their actions have yet to incite a reversal of fortune for Ethereum. The prevailing market conditions suggest that further losses loom ominously on the horizon. Should this trend continue, ETH might indeed find itself diving once more toward the depths of $2.5k.

Yet, should these enterprising whales persist in their buying endeavors and absorb the relentless sell pressure, perhaps the market shall clear its recent losses and reclaim the lofty heights of $3k once again-a tale that would surely befit a grand epic!

Final Thoughts

  • Ethereum has declined 8.2% to a two-month low of $2,681, while long liquidations surged to $242 million.
  • An ETH whale, in a bold move, bought the dip, adding 20,000 ETH worth $56.03 million.

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2026-01-30 14:35