Headline: Whales Push Against $3,450 Resistance — ETH Faces Short-Term Downside Risk Ethereum encountered renewed selling pressure on Jan. 16 as large whale transactions and concentrated liquidity around $3,400 heightened near-term uncertainty. What happened - ETH repeatedly tested the key $3,450 resistance level, with traders watching closely to see if bulls could force a break or if the market would pull back toward support near $3,200. - On‑chain tracker Lookonchain flagged a notable deposit by long-time Ethereum holder 0xB3E8: 13,083 ETH (about $43.35M) was moved into Gemini over two days. The whale still retains 34,616 ETH (roughly $115M), a position observers read as profit-taking rather than a capitulation. - Another large player took a leveraged bearish bet: a deposit of 3 million USDC into Hyperliquid to short 18,261 ETH (around $60.32M). Reports noted the short’s liquidation threshold was vulnerable — if ETH had risen to about $3,380 the trade could have been wiped out — adding pressure around the $3,400 zone. - CoinGlass data highlighted liquidity clusters forming near $3,400. Such liquidity pools tend to act as magnets during reversals, and a decisive move beyond that band could trigger sizable liquidations and rapid price shifts. Why it matters - Deposits to centralized exchanges from big holders often precede sell-side pressure if traders decide to convert to fiat or reposition. At the same time, retaining a large balance signals continued conviction in the asset’s long-term outlook. - Highly leveraged shorts increase short-term volatility because both upward squeezes and downward cascades can produce large liquidations that amplify price moves. - With liquidity concentrated around $3,400–$3,450, the next directional move is likely to be driven more by on‑chain flows and liquidation dynamics than by fresh fundamental news. Bottom line Ethereum’s immediate path hinges on whether it can clear $3,450. A successful break could relieve short-term selling pressure; a rejection could send ETH toward the $3,200 support band, especially if whale activity and clustered liquidity accelerate liquidations. Disclaimer This content is informational and not investment advice. Cryptocurrency trading carries high risk; do your own research before making financial decisions. © 2026 AMBCrypto (sources: Lookonchain, CoinGlass, X) Read more AI-generated news on: undefined/news

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