Ethereum has officially broken below key support levels, and market sentiment is rapidly deteriorating as major assets in the cryptocurrency landscape continue to decline. Analysts are increasingly calling for a novel bear market, noting that both Bitcoin and leading altcoins have lost critical technical zones that previously held together the broader structure. ETH, currently trading at multi-month lows, is feeling the brunt of cascading liquidations, sturdy sales volumes and withering investor confidence.
In addition to growing uncertainty, Lookonchain is reporting a striking development: in just 10 days, over $61 million in profit has disappeared for a well-known market participant often referred to as Anti-CZ whale.
This trader had previously gained attention for aggressively opening brief positions immediately after CZ’s purchase of ASTER – a move that paid off until the recent pointed downturn reversed his fortunes.
The unrealized decline in anti-CZ Whale profits adds to the pressure
According to Lookonchain, the trader known as Anti-CZ whale took a huge hit during the recent market downturn – and Ethereum is at the center of the damage. Just 10 days ago this whale did it collected nearly $100 million in total profit for Hyperliquid, largely driven by aggressive positions built during periods of high volatility.
However, as the cryptocurrency market recovered rapidly, his overlong positions in ETH and XRP turned against him. The result was a brutal payout: Its total profit has now dropped to just $38.4 million, wiping out more than 60% of its gains in less than two weeks.
This dramatic reversal reflects the unhappiness of more than one trader – it signals the scale of the pressure on Ethereum. As ETH continues to decline in value and investor sentiment deteriorates, even the most experienced traders are finding it complex to cope with the volatility. The rapid erosion of the whale’s gains shows how quickly bullish belief can change when key support levels fail.
For Ethereum, maintaining the current zone is crucial. The price action has already caused significant pain among long-term, short-term and leveraged traders. If ETH decisively loses this support, another wave of forced selling could deepen losses and accelerate the broader market capitulation.
ETH Price Analysis: Testing Major Weekly Support Zone
Ethereum has entered a critical phase on the weekly time horizon, with the price retreating sharply towards the $2,680 region – a level that currently represents the last significant support before a deeper market collapse. The chart shows a sturdy rejection from the $4,500 zone early this quarter, followed by a continuous series of lower highs and lower lows, confirming the medium-term downtrend.
The 50-week moving average has definitely been lost, and ETH is currently trading directly above the 100-week MA, a level that has historically acted as a key turning point during major market corrections.
Volume has surged during the recent decline, highlighting an environment driven by fear and forced selling rather than controlled profit-taking. This is in line with broader market conditions where liquidity is tight and volatility remains elevated for the majors. A clear break below $2,650 would open the way to a retest of the $2,300-$2,400 zone that has served as a sturdy accumulation in previous cycles.
However, the weekly chart also shows that ETH is entering historically oversold territory, similar to mid-2022 and overdue 2023, where a price reversal finally occurred after weeks of compression. For now, Ethereum needs to hold above this weekly support to avoid a deeper pullback and maintain the structure needed for a potential recovery.
Featured image from ChatGPT, chart from TradingView.com
