The market suddenly feels off!

In just the past few hours, two major moves have been reported in the crypto space:

First, an ancient Bitcoin whale withdrew $10 million worth of spot BTC from a top exchange, then immediately closed out all their Ethereum short positions. At the same time, ETH’s 1-hour MACD just formed a death cross, with the price stuck firmly at 2820—neither moving up nor down.

Now, everyone’s watching the charts and asking the same question: Tonight, will ETH break through 2930, or crash straight down to 2780?

Let’s break down this whale’s moves.

Who is this person? A legendary player who once held 50,000 BTC, and whose past big trades have all nailed the market’s rhythm. Just yesterday, he closed $15 million worth of ETH shorts, netting $54,000 before quickly cashing out.

Closing the shorts is already a subtle move—it suggests he doesn’t expect a further short-term drop. But the withdrawal is even more intriguing: he’s either preparing to dump and cash out, or waiting to buy the dip at a lower level.

What’s even more critical is that this guy made $100 million by shorting right before the big drop on October 11 last year. His trades are often half a step ahead of the market, so this withdrawal could very well be a signal of an imminent trend reversal.

Now, let’s look at the technicals.

ETH is currently stuck at 2824. The 2930 level above is like a mountain, while 2780 below is the last line of defense. The MACD’s white line just crossed below the yellow, forming a death cross, and both lines have fallen below the zero axis—which is definitely bearish from a technical perspective.

But here’s the issue: the bigger trend is clearly up, so why are the technicals suddenly sending the opposite signal?

The answer might be simple—it’s a classic market maker routine. First, they create technical panic to force retail investors to sell, then they turn around and pump the price.

Tonight’s likely scenario:
First, a drop to test the 2860–2780 range. If that holds, there could be a quick rebound straight to 2930. But if there’s heavy volume breaking below 2780, then it’s time to be cautious.