Ethereum crashes below $2,600, but whales are accumulating aggressively, signaling confidence despite mass retail liquidations.
Ethereum ETH $2 998 24h volatility: 2.2% Market cap: $361.62 B Vol. 24h: $25.58 B experienced a sudden flash crash on Friday, plunging below the key $2,600 support level to trade around $2,518 at press time.
The drop wiped out nearly 8.2% of ETH price in just 24 hours, slashing over $28 billion from its total market capitalization.
The sharp price decline triggered a wave of liquidations on Binance, particularly in the $2,650–$2,430 range. This area saw major long position buildups, especially after ETH briefly touched $2,800 earlier in the week.
Smart Money Coming In
As the price tumbled, a chain reaction of stop-loss activations and liquidation orders intensified the downtrend. While retail traders exit their positions, several whales are buying aggressively.
According to on-chain data from LookonChain, the entity, possibly linked to Ethereum software developer ConsenSys, bought 2,825 ETH (worth $7.48 million) shortly after the crash.
The whale/institution (probably linked to ConsenSys) bought another 2,825 $ETH($7.48M) through OTC 4 hours ago.
They have received a total of 160,736 $ETH(421M) in the past 2 weeks, with an average cost of ~$2,620. https://t.co/2uJ5ZvdW06https://t.co/aEusSJqeea pic.twitter.com/6kOsasvYJC
— Lookonchain (@lookonchain) June 13, 2025
They have obtained a total of 160,736 ETH (worth $421 million) in the past two weeks, with an average buy-in around $2,620.
Early Friday morning, another whale scooped up 48,825 ETH ($127 million) from Coinbase and Wintermute at an average price of around $2,600. This whale is reportedly already sitting on $30 million in profits from earlier ETH trades.
While the crowd panic-sells $ETH, this whale – who’s already made ~$30M profit on $ETH – is buying $ETH crazily.
Over the past 8 hours, he’s bought 48,825 $ETH($127M) from Coinbase and Wintermute at an average price of $2,605.https://t.co/7eUZQPGfROhttps://t.co/SHASXyPST1 pic.twitter.com/r7VZMz12tV
— Lookonchain (@lookonchain) June 13, 2025
Despite the sharp downturn, Crypto Rover, a popular crypto analyst on X, suggests that ETH may still be in a phase of consolidation on higher time frames.
Notably, the second-largest cryptocurrency continues to trade within a parallel channel that’s been forming since May.
$ETH still looks strong here. pic.twitter.com/tM5AKlhli6
— Crypto Rover (@rovercrc) June 13, 2025
The analyst predicts a potential rally to $4,000 in the near term, provided ETH regains key resistance zones.
ETH Price Outlook
On the daily ETH price chart, the RSI indicates neutral momentum with a slight bearish tilt after the recent drop. It has not yet reached the oversold region, suggesting room for further downside if selling pressure continues.
However, if ETH manages to reclaim the $2,600–$2,750 zone, it would signal renewed strength, with a major resistance at $2,900.
ETH price chart with RSI and Bollinger Bands. Source: Trading View
Bollinger Bands have expanded and the price has broken below the middle band (20-day SMA) at $2,592, pointing to increased bearish momentum. A close below the lower band ($2,401) could lead to a drop to the next support at $2,250.
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