• ETH saw $43M whale deposit, signaling profit-taking without exiting long-term positions.
• Leveraged short and liquidity clusters near $3,400 increased short-term market pressure.
• Price tests $3,450 resistance, with support around $3,200 guiding potential reversals.

Ethereum — ETH, recently faced notable selling pressure from large whales, testing key resistance around $3,450. Market participants watched closely as these moves created turbulence. Traders wondered whether ETH could push past resistance or retreat toward support near $3,200. Whale activity and liquidity clusters added pressure, making price action unpredictable. Understanding these dynamics helps explain why Ethereum’s short-term path is under scrutiny and why careful positioning matters for both retail and institutional participants.

Whale Moves Shake Ethereum Market

On January 16th, Ethereum experienced pressure from significant whale activity. Lookonchain reported that Ethereum OG 0xB3E8 deposited 13,083 ETH into Gemini over two days. This transfer totaled approximately $43.35 million. Despite the sale, the whale still holds 34,616 ETH, suggesting long-term confidence remains intact. Many observers view this as profit-taking rather than a signal to exit Ethereum positions.

The crypto market also responded to a highly leveraged short. Another whale deposited 3 million USDC into Hyperliquid and shorted 18,261 ETH, roughly $60.32 million. This risky bet added extra pressure near the $3,400 level. Had Ethereum climbed to $3,380, the position could have been wiped out. This scenario illustrates how whale actions create local volatility without necessarily determining long-term direction.

Liquidity clusters formed around $3,400 influenced Ethereum’s price action. These zones act as magnets during reversals, guiding where buying or selling may occur. Traders closely monitor these levels to anticipate possible breakouts or retreats. ETH approached the $3,450 resistance, with the next hours critical for determining direction. A break above could trigger cascading liquidations, while failure may push the price toward lower support.

Critical Resistance and Support Zones

Overall, whale behavior shows markets are reacting rather than collapsing. Profit-taking and strategic shorts can temporarily sway price without destroying confidence. Observing these moves helps traders identify risk zones and plan entries or exits. Ethereum’s near-term price action now depends on handling $3,450 resistance. A successful break may attract momentum buyers and trigger further upside.

Conversely, failure could see ETH gravitate back toward support around $3,200. The interaction between whale positions and liquidity clusters makes this range a danger zone. Technical and behavioral factors highlight caution. Large positions, leveraged shorts, and concentrated liquidity can amplify swings. Traders watching these zones must consider potential liquidations and temporary volatility. Yet, the presence of long-term holders and measured whale profit-taking suggests the market retains resilience.

Ethereum currently navigates pressure from a $43M whale move and leveraged shorts. Price remains near $3,450 resistance with liquidity clusters guiding potential reversals. Whale activity has created volatility but not panic, showing markets are managing risk carefully. Traders should monitor resistance and support zones closely as Ethereum decides whether to push higher or test lower levels in the coming sessions.