Key Insights:
- Whale wallets offload nearly 200K ETH amid rising prices
- $165M in long ETH positions liquidated as price drops
- ETH/BTC ratio nears key level, hinting at possible altcoin shift
Whale wallets dumped nearly 200,000 ETH while $165 million worth of long positions were liquidated following a reversal on the Ethereum price, which saw a sharp shift in market dynamics. Ethereum price did briefly cross $2,000, but the sell-off from large holders and spike in liquidations show caution.
At the same time, the ETH/BTC ratio is testing historical levels, which are often associated with altcoin cycle signals.
Whale Wallets Reduce Holdings as Ethereum Price Slides
The number of Ethereum addresses with 1,000 to 10,000 ETH has decreased its balances in the past two weeks. When the price was $1,866.7, wallets in this range held 12.7749 million ETH on March 10, 2025. By March 27, the number of ETH in their balance had fallen to 12.5759 million, while the price had risen to $2,003.9.
This is a decline of nearly 200,000 ETH from these mid- to large wallets or whales. Because of the size of their trades, these holders tend to influence the price trend. During this period, prices increased, but the selling pressure from whales indicates that they may have been taking profits or reallocating.
Notably, in the past two days, Ethereum has dropped by 8%, suggesting that recent whale activity may have contributed to—or anticipated—this price correction.
Long Liquidations Spike as Ethereum Price Reverses
Moreover, Ethereum price had the highest long position liquidations of over $165.3 million on March 28, the highest in over a week. According to CryptoQuant, this happened as the ETH price went from near $2,040 to around $1,893.
This liquidation spike implies that many traders were too bullish and used too much leverage. Hence they were forced to exit their positions when the price dropped. Further selling pressure caused by liquidations can exacerbate a price correction.
From March 20 to March 26, the amount of liquidation had risen gradually. This is building pressure, market participants were becoming more aggressive on the belief that prices would go up.
However, many of those positions were reset on March 28 after the large liquidation, which may be a temporary shift in sentiment.
Furthermore, according to Google Trends data, Ethereum-related searches have clearly dropped compared to the peaks in 2017 and 2021. With recent price gains, retail participation is still weak, as the current level is far lower.
Normally, low interest in search is indicative of low retail excitement. In the past bull runs, surges in search traffic have tended to coincide with higher prices and stronger buying from smaller investors. The latest rally may not have made it to mainstream attention yet, as current interest is in a downtrend.
Altcoin Cycle Signals Appear as ETH/BTC Ratio Tests Historical Zone
However, the chart of Ethereum to Bitcoin shows that ETH is retesting the 1 BTC = 42 ETH level, which was a historical resistance level in 2018, 2020, and now 2025. This ratio has been tested in previous cycles and often served as the start of ‘altcoin season’ where non Bitcoin assets tend to perform well.
Also, Bitcoin dominance has reached a key resistance zone. As we have seen in previous cycles, a fall in Bitcoin dominance is usually accompanied by capital flowing into altcoins such as Ethereum. And ETH may rise against BTC if the ratio breaks past the current level.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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