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crypto.news 2025-05-19 14:03:45

Ethereum price dips as a whale capitulates with a big loss

Ethereum price dropped on Monday as risk-off sentiment continued in the crypto and stock markets, and after a whale capitulated at a significant loss. Ethereum ( ETH ) fell to $2,400 on Monday, down from this month’s high of $2,732. The decline wiped out $35 billion in market capitalization, which dropped from $325 billion on May 14 to $289 billion. ETH retreated after a large holder capitulated. According to Lookonchain , the whale withdrew 7,000 ETH worth $16.8 million at a loss. Previously, the same address had withdrawn 13,479 ETH worth $48.82 million between Dec. 5 and Jan. 13. The whale still holds 6,479 ETH and has realized a loss of $16.28 million. Still, Ethereum fundamentals point to a potential price rebound. First, Nansen data shows that more investors are transferring ETH out of centralized exchanges and into self-custody wallets. Tokens on exchanges dropped by 3.46% on Monday to 23.47 million. Total supply on exchanges has also fallen to 19.45%. You might also like: Why crypto market is down today: Moody’s U.S. downgrade triggers sell-off Falling exchange balances are typically bullish, as they signal that investors are not looking to sell in the short term. Another positive sign is that assets on the Ethereum network continue to grow despite broader market headwinds. As shown below, BlackRock’s USD Institutional Digital Liquidity Fund, or BUIDL , has been in a strong uptrend. Its assets have surged to $2.9 billion, up from $640 million on Jan. 1. BUIDL assets are nearing $3 billion | Source: TokenTerminal Ethereum price technical analysis ETH price chart | Source: crypto.news The daily chart shows that ETH bottomed at $1,380 in April before rallying to $2,732 last week. It has since pulled back as investors took profits. Despite the drop, ETH remains above the 50-day and 100-day Exponential Moving Averages, which are on the verge of forming a mini golden cross. The current pullback occurred after the price hit the 50% Fibonacci retracement level, a sign that ETH may now be entering the second phase of an Elliott Wave pattern. If this outlook holds, Ethereum could bounce and potentially retest the 78.2% retracement level at $3,527 over the longer term. A drop below the $2,000 support zone would invalidate this bullish scenario. You might also like: HBAR price dips, but numerous catalysts point to Hedera rebound

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