Ethereum Slides to 2,300 as Liquidations Trigger Whale Activity

Ethereum fell to around 2,300 amid one of the most bearish market phases since 2023. Total liquidations surged to 2.59B, with ETH accounting for 1.16B. While many investors exited at a loss, some viewed the sharp decline as a buying opportunity rather than a breakdown.
Despite growing fear, several large wallets began accumulating Ethereum. 7 Siblings and 0xB7 led the wave, investing over 57M combined. On-chain data also shows unfilled buy orders, suggesting continued interest at lower levels. This accumulation reflects long-term positioning, though it does not guarantee a market bottom.
Meanwhile, not all big players escaped unscathed. BitMine faces an estimated 6B unrealized loss, while another major whale exited with a 250M loss. Technical indicators still point to strong selling pressure, raising the risk of further downside. Unless sentiment improves, Ethereum may continue testing lower support levels.