Ethereum Whales And HODLers Follow Vitalik’s Cue As $1,800 Risk Grows

Core Insights - Ethereum price is under pressure due to selling momentum from both on-chain and technical indicators, with a critical downside risk emerging around the $1,800 zone [1] Technical Analysis - A head-and-shoulders pattern was confirmed on February 3, indicating a bearish trend reversal for Ethereum, with a projected downside target around the $1,820 zone [2][4] - The breakdown occurred when Ethereum failed to maintain support above the neckline of the pattern, reinforcing bearish sentiment [2][6] Vitalik Buterin's Selling Activity - Vitalik Buterin sold approximately 2,961 ETH for around $6.6 million at an average price of $2,228, coinciding with the technical breakdown [5] - His selling activity during this critical time has contributed to a decline in market confidence, marking February 3 as a significant turning point for Ethereum [6] Behavior of Large Holders - Following the breakdown and Buterin's sales, large holders and long-term investors began to alter their behavior, with Ethereum whales initially increasing their holdings before reversing course [7] - Whale holdings decreased from approximately 13.93 million ETH to around 13.79 million ETH, a reduction of about 140,000 ETH valued at over $290 million, indicating cautious distribution rather than confident buying [8]