Ethereum News: 28,500 ETH concentrated sell-off impacts the market, with the $2,880 key support level facing tests

In the context of recent increased market volatility, Ethereum (ETH) has experienced a significant whale sell-off, raising concerns among investors about whether key support levels are holding. Data shows that approximately 28,500 ETH were concentratedly sold within a short period, totaling over $80 million, yet the price did not immediately experience an uncontrollable decline.

As of now, ETH price is fluctuating around $2,950. Despite the substantial selling pressure, the market shows some resilience, indicating that short-term sell orders have been partially absorbed, but the overall downside risk has not been fully eliminated.

On-chain data indicates that multiple large holders participated in this round of reduction. Among them, wallets associated with early members of Lido sold over 14,500 ETH within an hour. Additionally, two other whales sold a total of about 14,000 ETH through decentralized exchanges and centralized platforms. The large volume of chips flowing into the market has put short-term sentiment under pressure.

From a technical perspective, Ethereum remains above the upward trend support line, with the price located within the 50% to 61% Fibonacci retracement zone, a typical area of bullish and bearish contest. Multiple tests around $2,880 have seen buy-side defense, temporarily limiting further declines. However, the RSI indicator remains below 40, indicating weak market momentum.

Data from liquidations show that above $3,000, there is still considerable liquidity clustered. If selling pressure weakens, there is potential for price recovery upward. But if the 61% retracement level is broken, ETH could further decline toward the $2,600 range.

Overall, Ethereum is currently in a phase of distribution and accumulation. The key to the short-term trend lies in whether the $2,880 support holds effectively and whether the market can regain stability above $3,400. Until a clear direction emerges, ETH is likely to remain in a high-volatility range with oscillations.