$400M whale wave hits Ethereum - Can ETH defend the $3K line?

Ethereum [ETH] is at a tense price floor.

Whales are going into leveraged ETH longs while spot buyers defend the $3,000-$3,100 zone. This is a price floor that could determine Ethereums next major move.

Can heavyweight buyers steady the market, or is a pullback on the way？

Whales are placing big, confident bets

Ethereum‘s biggest and most profitable traders are leaning heavily long, and they’re doing it together!

Lookonchain data from X (formerly Twitter) reports BitcoinOG (1011short), who has over $105 million in total profits, holding 54,277 ETH in longs worth roughly $169 million.

Source: X

Source: X

All three whales are taking the same side of the trade, so this is a big vote of confidence in ETHs near-term direction.

Spot buyers are stepping in, too!

Recent order book data shows strong bids between $3,000 and $3,100, creating a clear support wall for ETH.

Analyst TedPillows said on X that bulls are “ready to defend this level” for a simple reason: a daily close below $3,000 could drag Ethereum down another 8-10% in just a few days!

Source: X

This zone and how ETH reacts here will likely influence the short-term trend.

Tense, but balanced

ETH appears to be stabilizing around its current support zone.

At the time of writing, the RSI sat at neutral levels, while the MACD lines were flattening, suggesting that selling pressure may be easing after several weeks of downside.