The Ethereum price has experienced a significant drop of nearly 15% over the past 24 hours, reaching a low point of $2,118. Technical indicators suggest a sell signal for Ethereum, with potential support at the $2,396 level. Two dormant Ethereum whales have emerged to book profits before the market crash, while new whales are purchasing ETH at discounted prices. The ETH derivative market reflects bearish speculations, with open interest down by 25% to $23.76 billion. Overall, Ethereum faces intense bearish pressure but there is potential for a V-shaped recovery to retest the $2,900 level.



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