Ethereum’s native token has taken the most recent crypto market correction hard, with the asset diving to just over $2,000 earlier today, which became its lowest price point in almost two months.
Moreover, it has dropped by 17% since its monthly high at $2,425, and the overall landscape seems quite bearish. Although Santiment Intelligence believes this could be the necessary factor for a major trend reversal, the current environment is nothing short of underwhelming, to say the least.
More Trouble Ahead?
After it was stopped at $2,400, $2,300, $2,200, and $2,100 earlier this week, the latest crucial support to give in was the $2,050 level during today’s decline. According to popular analyst Ted Pillows, this opens the door for more profound corrections. Moreover, he warned that if ETH loses the psychological $2,000 support as well, new lows “will just be a matter of time.”
Fellow analyst CW noted that a large amount of ETH longs were liquidated on the way down. More specifically, data from CoinGlass shows that the total value of liquidated ETH longs is over $250 million on a daily scale, second only to bitcoin’s $380 million.
CW added that as short positions closed, the Open Interest declined significantly and the Net Position Delta increased. They concluded that high-leverage longs are getting wrecked, while bearish bets are closing, which could lead to some market calmness.
During the decline, $ETH long positions were liquidated in large amount.
Subsequently, as short positions closed, the Open Interest (OI) decreased and the Net Position Delta increased.
High-leverage long positions are being liquidated, and bearish bets are closing. pic.twitter.com/bTYuT7tjnG
— CW (@CW8900) May 23, 2026
OG Whale Returns
The silver lining for the Ethereum ecosystem at the moment is the return of an OG whale, as reported by Lookonchain. The analytics company’s data shows that this market participant, who is known for pocketing a 376x return on their initial ETH investment from 10 years ago, has started accumulating again.
On-chain data reveals that this whale has acquired over $8 million worth of ETH at prices of around $2,050. Previously, they sold when the altcoin stood above $2,850.
As the market drops, another #EthereumOG who made $34.2M(376x return) is buying the dip on $ETH!
10 years ago, this OG received 12,001 $ETH from ShapeShift at just $7.58 each.
Over a year ago, he sold them for 34.3M $USDC at $2,856, making $34.2M in profit – a 376x return.… pic.twitter.com/vSfrYyo2Bl
— Lookonchain (@lookonchain) May 23, 2026
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