🚨 $93M Ethereum Dump! – Will This Critical Support Level Save ETH’s Price?

Ethereum bulls are sweating after a whale unloaded $93M in ETH—now all eyes are on make-or-break support.

### The $93M Hammer Drop

A single trader just liquidated enough Ethereum to buy a small island. Markets shuddered—but the real test comes next.

### Support or Spectacle?

Technical charts show ETH hovering above a crucial demand zone. Break this, and the 'ultrasound money' crowd might need hearing aids.

### Wall Street’s Crypto Amnesia Strikes Again

Funny how ‘institutional adoption’ narratives vanish the second big money actually moves the market. ETH’s next move depends on whether retail panics or diamond-hands through the storm.

Key Takeaways

Whale deposits worth $93.66 million hit exchanges, coinciding with overheated futures and bearish momentum. But with 92% of ETH wallets still in profit, the real question is—will support at $3,458 hold or crack?

Ethereum [ETH] whales have sparked panic after dumping 26,182 ETH worth $93.66 million to exchanges like Binance, Kraken, OKX, and Bybit in just 48 hours.

Each transfer ranged from 1,000 to 2,000 ETH, flooding centralized platforms. 

Source: Lookonchain

This wave of inflows coincides with broader market volatility, leading many to question whether whales are bracing for further downside or simply securing profits at local highs.

Spot sellers take the lead, derivatives overheat

Bearish momentum is gaining traction.

At press time, the Spot Taker CVD reflected a Taker Sell Dominant trend, showing that market sellers have outweighed buyers on centralized platforms, supporting the evidence of large whale transfers.

At the same time, CryptoQuant’s Futures Volume Bubble Map shows multiple overheating signals, indicating excessive leverage building up around ETH’s $3,400–$3,500 zone.

When paired with increasing sell-side activity, this leverage surge could become unstable if funding resets.

Naturally, any cascade of liquidations could intensify drawdowns, especially if prices waver below a major technical level.

Source: CryptoQuant

Could Ethereum’s profitability buffer reduce immediate capitulation risk?

Despite increasing bearish indicators, on-chain data shows that 92.26% of ethereum addresses remain “In The Money,” with just 4.77% in loss territory. 

Another 2.97% of holders sit exactly at breakeven.

This wide margin of profitability gives the asset a short-term cushion. However, this buffer is thin, and holders NEAR breakeven might turn reactive if ETH breaches below the $3,458 support zone.

For context, this zone acts as a critical psychological level for holders who may turn reactive if losses widen.

Source: IntoTheBlock

Is Ethereum’s support region strong enough to resist weakening momentum?

Ethereum has dropped into a key support range between $3,458 and $3,490, which previously acted as a strong reversal zone. 

However, the MACD indicator on the daily chart has flipped bearish, with the signal line crossing above the MACD line, suggesting weakening upward momentum.

This divergence between price holding support and momentum fading creates an unstable setup. 

Therefore, unless buyers step in with strong volume, ETH may fail to hold this level. A breakdown below this range could open the door toward $2,906, making this support zone vital for short-term direction.

Source: TradingView

Whale behavior turns erratic again

Ethereum’s large holder netflows have swung wildly over the past week, with a massive 7-day increase of 8,294% contrasting a -2,854% drop over the past 90 days. 

This extreme volatility suggests whales are repositioning rapidly—possibly locking in profits or reacting to macro uncertainty. The inconsistency in whale behavior adds more noise to ETH’s current price action, especially as technical momentum weakens. 

Therefore, these erratic movements hint at indecision among large investors. If outflows continue to spike while technicals break down, Ethereum may face more instability in the days ahead.

Source: IntoTheBlock

Conclusively, Ethereum faces a mixed bag of signals—whales are selling, technicals are weakening, and yet most holders remain profitable. 

The current support zone between $3,458 and $3,490 is the key battleground. If bulls defend it successfully, ETH may recover. 

However, sustained whale dumping and overheated futures could tip the balance toward downside. Traders should monitor these levels closely.