Key Notes
- Ethereum (ETH) slid nearly 6% to $4,260 as whales and traders booked profits near $4,700.
- Whale 0x89Da closed a $93.5M ETH long at a loss, then re-entered with a fresh $65.6M position.
- The NFT market lost $1.2B in a week as ETH’s dip dragged prices lower, with key support at $4,200.
Ethereum
ETH
$4 304
24h volatility:
5.3%
Market cap:
$517.83 B
Vol. 24h:
$45.50 B
slumped nearly 6% on Thursday, trading around $4,260 at press time as major whales and traders rushed to book profits after an aggressive rally that had briefly pushed prices toward $4,700.
The sell-off sparked volatility across the broader market, with Ethereum-based NFTs also taking a sharp hit.
Whales Exit, Then Re-Enter
Blockchain tracker Lookonchain flagged a string of whale moves that indicated uncertainty among traders.
Whale wallet 0x89Da closed a 21,683 ETH ($93.5 million) long position at a $6.6 million loss, withdrawing 9.6M USDC from Hyperliquid
HYPE
$43.29
24h volatility:
7.8%
Market cap:
$14.44 B
Vol. 24h:
$290.25 M
. But he quickly jumped back in, opening another long worth 15,353 ETH ($65.6 million).
Back at the tables already—gamblers never quit.
Whale 0x89Da is back with 9.6M $USDC and opened a long position of 15,353 $ETH($65.6M) again.https://t.co/pJkXaSdZif pic.twitter.com/SIlrhs7UIH
— Lookonchain (@lookonchain) August 18, 2025
At the same time, another trader, starting with just $125K four months ago, compounded his gains to build a staggering 66,749 ETH ($303 million) position, peaking at $43 million in account equity.
He later closed out, walking away with $6.86M in profits, a remarkable 55x return, even if far from the peak.
This legendary trader has closed all 66,749 $ETH($303M) longs, locking in a profit of $6.86M(55x)!
Starting with only $125K, his total account equity peaked at over $43M(a 344x return), but now stands at $6.99M(a 55x return) after closing.https://t.co/E0iU5Pk3Q6 pic.twitter.com/NHMicKo6b3
— Lookonchain (@lookonchain) August 18, 2025
Chaos in the Market
Meanwhile, swing trader 0x8062 panic-sold 2,277 ETH ($9.57M) at $4,203, locking in $4 million in profits despite high slippage.
Due to the market drop, swing trader 0x8062 panic-sold 2,277 $ETH($9.57M) at $4,203 with high on-chain slippage, locking in a profit of $4.04M.https://t.co/qwmiFMrfxp pic.twitter.com/oyqpFe8cOD
— Lookonchain (@lookonchain) August 18, 2025
On the other hand, whale 0xd8d0 executed a double play, selling 10,000 stETH ($38.1 million) and 398 BTC ($46.4 million)
BTC
$115 220
24h volatility:
2.7%
Market cap:
$2.29 T
Vol. 24h:
$38.83 B
for 84.9 million USDC before reloading, using nearly the same sum to repurchase 10,000 ETH ($43.4 million) and 350 BTC ($40.5 million) during the dip.
During the market drop, the swing-trading OTC whale 0xd8d0 spent 83.96M $USDC to buy 10,000 $ETH($43.43M) and 350 $BTC($40.53M).https://t.co/gEIIUqu18H pic.twitter.com/nBwy5itKgm
— Lookonchain (@lookonchain) August 18, 2025
NFT Market Suffers Parallel Blow
The fallout from ETH’s drop rippled into the non-fungible token (NFT) market, which shed $1.2 billion in value in less than a week.
According to NFT Price Floor data, total NFT market capitalization sank to $8.1 billion from a Wednesday peak of $9.3B, a 12% decline.
Since most NFT collections are priced in ETH, swings in Ethereum’s valuation directly impact NFT floors. With ETH sliding 9% from its recent high, many top collections also corrected sharply.
ETH Price Analysis: Key Resistance Blocks Path
The weekly chart shows ETH trading within a broad ascending channel, with the recent rejection occurring near the channel’s upper resistance at around $4,500–$4,700. The dip toward $4,260 suggests short-term profit-taking after testing the resistance.
With the RSI (67.8) near overbought and the MACD indicating bullish momentum, the CMF suggests that ETH price drop could attract more buyers, making it a top crypto to buy in 2025.
ETH weekly chart with momentum indicators. | Source: TradingView
If ETH holds above $4,200 support, a rebound toward $4,600–$4,700 is possible, keeping the bullish channel intact.
However, a breakdown below $4,200 could expose the $3,800–$3,900 zone as the next major support, where the lower channel line aligns with historical price action.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/ethereum-drops-6-as-whales-rush-to-cash-out-whats-ahead/