Ethereum Holds at $2,400 on June 26 — Is a Drop Coming? Suspicious Whale Activity Raises Alarms!

Jakarta, Pintu News – Ethereum’s (ETH) recent price action may be hiding a deeper weakness.

A well-known whale has increased his short position to 50,000 ETH, or about $122 million, just when there were signs of weakness in the technical charts and futures data.

The timing of this move raised concerns among traders that this was not simply a hedging strategy, but rather a sign of a broader bearish conviction.

Then, how is Ethereum’s current price movement?

Ethereum Price Up 0.40% in 24 Hours

As of June 26, 2025, Ethereum was trading at approximately $2,469, or around IDR 40,328,430 — marking a 0.40% gain over the past 24 hours. In that time, ETH dipped to a low of IDR 39,316,843 and peaked at IDR 40,403,383.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at around $297.88 billion, with daily trading volume dropping 10% to $17.45 billion within the last 24 hours.

Read also: Bitcoin Soars Past $107,000 Today (June 26) — Here Are the 4 Reasons Behind the Surge!

Whale’s $122 Million Short is a Warning Signal

The wallet in question, 0xcB92, has built a reputation for sharp directional trading in recent months.

In recent weeks, this wallet repeatedly opened and closed large amounts of ETH positions near local highs and lows, resulting in a realized profit of more than $20 million.

Instead of closing the position, the wallet doubled its stake. At one point, the position showed an unrealized profit of over $26 million.

However, the whale persisted. To date, the wallet has recorded about $15.4 million in unrealized profits.

And there has been no sign of reducing its exposure. These moves are drawing sharp attention from on-chain analysts and seasoned traders.

High-conviction shorting actions like this-especially from wallets that have a track record of being accurate-often precede larger shifts in price direction, especially if supported by other data.

Derivatives Market Confirms Bearish Pressure for Ethereum (ETH)

The whale ‘s bets seem to be in sync with the signals from the futures market. Open interest on ETH contracts continues to rise, suggesting that more and more capital is being allocated to short exposure.

At the same time, funding rates have turned negative across major exchanges, meaning traders now have to pay to maintain their short positions.

This dynamic usually signals that the majority of the market is leaning towards a bearish direction, especially when combined with an increase in open interest.

Read also: Bitcoin, Ethereum, and Sui: Which Crypto Will Explode This Year?

However, the liquidation rate remained low, indicating that most of the positions were opened in a structured manner, rather than out of panic. This points to shorting by institutions, rather than panic from retail investors.

Technical Formation Confirms Bearish Target

From a price action standpoint, Ethereum (ETH) is forming a very distinctive triple top pattern around the $2,650 resistance area. This level has been tested several times throughout June, but failed to break convincingly.

The price’s inability to sustain upward momentum-despite strong ETF inflows and bullishmacro signals-has promptedmany analysts to highlight the $2,175-$2,200 range as the next key support zone.

In the event of a break below this zone, it could trigger a series of liquidations or greater selling pressure in the spot market, especially if the whales ‘ short positions start to close.

Analysts from The Coin Republic website noted a “clear weakness” in Ethereum’s (ETH) current structure, calling the triple top pattern a “bearish magnet for selling pressure” if the $2,400 level fails to hold.

The link between whale short positions, negative funding, and technical fatigue may not be a coincidence.

If Ethereum (ETH) breaks below the $2,200 zone, traders may witness a sharp acceleration of the decline.

However, if the price is able to absorb the selling pressure and hold above $2,400, it could open up opportunities for an upside push back to higher levels.

However, watching the movement of a high-confidence whale like 0xcB92 can provide early signals in a market that is often slow to respond to headlines.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• CoinRepublic. Ethereum (ETH) Price Headed For $2.2K? Whale’s Short Position Raises Flags. Accessed on June 26, 2025