- ETH fell below $4,000, triggering $178.5M in long liquidations.
- Whales bought 201,000 ETH ($855M), signaling confidence in a bottom.
- Analysts split between short-term downside risk and long-term bullish targets.
Ethereum (ETH) slid under $4,000 for the first time in more than a month, sparking heavy liquidations but also attracting whale buyers who see opportunity in the chaos. According to Bitstamp, ETH dropped to $3,967 late on September 24 before closing just above $4,000, marking a 4.4% daily decline and extending weekly losses to 12.5%. Since its September peak near $4,750, Ethereum has lost nearly 20%, making it one of the weakest-performing large-cap altcoins. Still, bulls insist this correction may just be setting the stage for another run.
Whales Accumulate Millions Amid Market Panic
Despite the drop, major wallets scooped up ETH aggressively. Analyst Zyn reported that 10 new wallets acquired around 201,000 ETH—worth $855 million—in a single day through exchange and OTC transactions. Such whale behavior often suggests confidence that prices are approaching a bottom. Prominent market analyst Michaël van de Poppe echoed the view, arguing the downside is limited and the market could soon stabilize. Optimists like Bitmine’s Tom Lee even forecast ETH could hit $10,000–$12,000 before the end of 2025, far beyond the cautious $7,000 target set by others.
Liquidations Add to the Pressure
The correction wasn’t without casualties. ETH’s decline wiped out $200 million in long positions, with the largest single liquidation reaching $29.12 million on Hyperliquid. Well-known trader Machi Big Brother also scrambled to avoid liquidation, reportedly moving $4.72 million in USDC into his account to shore up positions. This wave of forced selling added fuel to the market downturn, reinforcing just how risky leveraged bets remain during volatile stretches.
Outlook: Dip or Danger?
Ethereum’s latest slip highlights the brutal balance between short-term pain and long-term opportunity. On one side, liquidations are squeezing overleveraged traders. On the other, whales are quietly stacking ETH in massive sums, betting on an eventual rebound. If whales are right, ETH’s current zone near $4,000 could be remembered as the launchpad for the next major rally. But if momentum fails to build, more liquidations could drag prices down before recovery truly begins.
