Ethereum is currently hosting a high-stakes game of chicken between two massive whales. On January 16th, the price bumped against the formidable $3,450 resistance level as these large holders made moves that could easily tilt the scales of the market.
One OG whale, tracked by the on-chain sleuths at Lookonchain, offloaded 13,083 ETH (worth $43.35 million) into the Gemini exchange over a 48-hour period. This triggered the usual rumor mill about profit-taking, but the whale still holds a hefty 34,616 ETH ($115 million), proving that long-term diamond hands haven't quite turned to paper yet.
While the first whale was cashing out chips, another trader decided to go full degen and opened a massive, high-risk short position. They deposited 3 million USDC into Hyperliquid and shorted 18,261 ETH ($60.32 million). If the price had dared to touch $3,380, that position would have been liquidated faster than a memecoin after a rug pull, adding intense pressure to the $3,400 zone.
Liquidity clusters are piling up around the $3,400 mark like a buffet for price action. The market is now glued to the screen, watching to see if ETH can smash through $3,450 or if it will retreat to safety near $3,200. The next few hours are absolutely critical, with whale activity and liquidity pressure serving as the puppet masters of the outcome.
