A wallet linked to Forward Industries transferred 8,200 ETH worth $14.91 million to Coinbase on the 25th of February.
Source: X
The address had held the assets for nearly three years. On-chain data showed the entity realized a $10.82 million loss.
Previously, the wallet accumulated 23,491 ETH worth $76.26 million from Binance and Coinbase. Most of it was staked before redistribution.
That shift set up a fresh supply entering a centralized exchange rather than cold storage.
When long-term holders distribute at a loss, confidence often weakens. This transaction arrived at a technically sensitive stage for Ethereum [ETH].
Can Ethereum defend $1,800 inside descending channel?
Ethereum continued trading inside a clearly defined long-term descending channel.
Price had already lost the $2,122 horizontal level and remained capped beneath the falling upper boundary. At press time, ETH traded near $1,889, with the lower channel boundary converging toward $1,800.
That convergence concentrated pressure directly at support. However, buyers had not reclaimed broken resistance.
A decisive close below $1,800 could expose deeper liquidity pockets.
On the other hand, sustained defense of this zone might trigger a relief rotation toward prior breakdown levels.
Structure currently dictates that volatility expansion remains the dominant probability. The 14-day RSI stood near 33.39 after dipping into oversold territory.
That stabilization reflected cooling downside acceleration, not confirmed strength.
Importantly, no clear bullish divergence had formed against the price.
Source: TradingView
Shorts dominate liquidations across exchanges
Total Liquidations reached $37.65 million on the short side compared to $6.6 million in longs at press time.
Binance recorded $2.83 million in shorts versus $1.75 million in longs. Hyperliquid showed $2.23M in shorts against just $152.53K in longs.
Bybit, Gate, and Bitget also reflected elevated short exposure.
That imbalance suggested traders positioned heavily for downside continuation. However, crowded short positioning introduced squeeze risk if the price stabilized above $1,800.
When liquidation asymmetry builds, volatility often accelerates quickly.
Source: CoinGlass
Ethereum funding turns positive despite weakness
At press time, the OI-Weighted Funding Rate turned positive at +0.0050%. That shift occurred while the price hovered near structural support.
This shift indicates that leveraged participants have started paying to maintain long exposure.
Notably, funding had previously printed deep negative spikes before gradually recovering. Such normalization often reflects early dip-buying attempts rather than broad conviction.
However, positive funding during structural weakness can also expose long positions to vulnerability if support fails. When funding rises while price remains suppressed, the market enters a fragile equilibrium.
Thus, Derivatives positioning now suggests cautious optimism rather than full risk appetite, leaving ETH sensitive to sharp directional moves.
Source: CoinGlass
Capitulation or controlled compression?
Ethereum stood at a decisive structural threshold where behavior mattered more than indicators.
If $1,800 held and intraday levels are reclaimed, short exposure could unwind aggressively. That unwind could fuel a relief expansion toward higher channel resistance.
By contrast, failure to defend support would likely accelerate directional continuation.
Leverage positioning amplified both breakdown and rebound potential. The structure favored movement over stagnation.
Final Summary
- A Forward Industries-linked wallet deposited 8,200 ETH ($14.91 million) to Coinbase after nearly three years of dormancy.
- Ethereum traded near $1,889 inside a descending channel, with $1,800 acting as critical structural support.