Whales are known to sell at market tops and bottoms, but it’s how markets react that truly shapes price action.

On the 16th of January, Ethereum [ETH] faced selling pressure from large whales, with the price testing key resistance levels around $3,450. 

Whale activity created turbulence, and the market awaited whether ETH could break through resistance or retreat toward support.

OG whale dumps 13,083 ETH 

On‑chain tracker Lookonchain reported that Ethereum OG 0xB3E8 deposited 13,083 ETH (worth $43.35 million) into Gemini over the past two days, signaling a potential market shift.

Source: X

Despite the large withdrawal, he still holds 34,616 ETH ($115M), showing confidence in Ethereum’s long-term prospects.

This move was seen by some as a classic profit-taking strategy, suggesting no intention of abandoning Ethereum for the long run.

Analyzing an 18,261 ETH short position

Another whale took a highly leveraged short position, betting against Ethereum. This whale deposited 3 million USDC into Hyperliquid and shorted 18,261 ETH ($60.32M). 

Source: X

If ETH had climbed to $3,380, the position could have been completely wiped out. This high‑risk move added significant pressure around the $3,400 level.

Liquidity clusters build around $3.4K

Ethereum’s price action was also influenced by liquidity clusters forming around the $3,400 mark.

These liquidity zones act as magnets during reversals, with traders closely watching to see if Ethereum could break the $3,450 resistance or retreat to lower support levels.

Source: CoinGlass

 Any movement past this point could trigger large liquidations, shifting the market significantly.

What’s next for ETH?

Ethereum was testing the crucial $3,450 resistance. The next few hours were critical in determining whether ETH could break through or fall back toward support at $3,200.

Whale activity and liquidity pressure would heavily influence the outcome.

Final Thoughts

• Whale activity created significant selling pressure near Ethereum’s $3,450 resistance, influencing key market reactions.
• The market’s response to liquidity clusters and leveraged positions determined whether ETH could break through or retreat to support.