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Ethereum price drops below $1,900, triggering $115 million in liquidations across markets.
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Vitalik Buterin sells 8,800 $ETH in February, increasing pressure on Ethereum price.
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Ethereum breaks key support levels, raising fears of deeper price correction ahead.
Ethereum price today fell below its two-week low and is now trading around $1,877, dropping nearly 5.6%. The price drop has also triggered massive liquidations. As the Ethereum price saw liquidations worth over $115 million after falling below $1,900.
The sudden drop has increased concern among investors, as selling pressure continues to rise from multiple sides.
Vitalik Buterin’s Continued Selling of the $ETH Token
Ethereum co-founder Vitalik Buterin has been selling Eth continuously. As in the past two days alone, Buterin sold around 1,869 $ETH worth $3.6 million. Following this sell-off, the Ethereum price fell from $1,988 to below $1,880, reflecting a drop of 5.7%.
This is not the first time his selling has impacted the market. Earlier this month, he sold 6958 $ETH worth around $14.78 million, and the Ethereum price dropped by 22.7%.
In total, Buterin has sold around 8,800 $ETH in February, worth over $16.53 million at current prices of $1879. Some experts believe that these sales may be part of normal financial planning.
Ethereum Whales Sell-Off Add Extra Pressure
Well, it’s not Buterin who is selling. Large Ethereum whales are also offloading huge amounts of Ethereum coin. One OG Ethereum investor recently deposited over 14,183 $ETH worth ($42 million) into Coinbase after holding it for nearly 9 years.
Apart from this, whale wallets holding between 100,000 and 1 million $ETH have sold around 1.43 million $ETH, roughly ($2.7 billion) in the past two weeks. This equals roughly $2.7 billion, showing that major investors are reducing their positions.
This kind of whale sell-off means that major investors are reducing their positions, which indirectly push price down.
Ethereum Price Prediction
Looking at the $ETH weekly chart, the Ethereum price has broken below key Fibonacci support levels. So, if the $ETH price falls below $1,800, the next major support is around $1,573, a level where strong buying happened before.
In a more bearish scenario, the price could drop further toward the $640 zone. This level could mark a full market reset, where weak hands exit and large buyers enter.
If this happens, it may create a strong long-term accumulation opportunity before the next major rally begins. This could lead to a long-term target near $10,048.