An Ethereum whale returned after seven months of inactivity and opened a 25x long position on 18,587 ETH worth $44.85 million. ETH continues to trade between $2.3k and $2.4k, with the $2.5k resistance still holding despite attempts to break through. Over $63.6 million in long positions were liquidated compared to just $12.6 million in shorts, adding selling pressure to the market. Another whale deposited 103,252 ETH worth $253 million into multiple exchanges, further contributing to the bearish pressure. Technical indicators like MACD and RSI are signaling weakening upward momentum, with a potential test of the $2.2k support level.
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