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Major fluctuations in the Ethereum (ETH) market yesterday triggered a wave of reactions across social media, with one Ethereum co-founder claiming that certain large holders\u2014or \u201cwhales\u201d\u2014were deliberately pushing the asset\u2019s price downward.<\/p>\n
The activity reached a fever pitch on Monday, February 4, when the ETH price swung from around $2,900 to as low as $2,120 before bouncing back sharply. Despite the intraday plunge, Ether ultimately closed the day sporting a 26% green wick\u2014an uncommon price rebound in such a short window.<\/p>\n
Analysts attributed the dramatic movement to external macroeconomic forces, most notably the US trade war under President Donald Trump. After imposing tariffs on Mexico and Canada<\/a> early in the day, the president later struck an arrangement that spurred a rapid recovery across global markets, including cryptocurrency.<\/p>\n The turbulence led one observer, identified simply as \u201cintern\u201d (@intern), the director of growth at Monad, to post a stark sentiment on X: \u201cETH is dying right in front of us. honestly never thought this would happen.\u201d<\/p>\n In response<\/a>, Ethereum co-founder and ConsenSys CEO Joseph Lubin offered a composed outlook, underscoring that these types of price swings are not unusual for the digital asset: \u201cIt happens regularly. Then it surges. What we are seeing is whales<\/a> taking advantage of economic turmoil and negative sentiment to shake out weak hands, run stops, and then buy back when they can run that same playbook in reverse.\u201d<\/p>\n Lubin\u2019s statement presents a cyclical understanding of crypto volatility, implying that larger players capitalize on market anxiety\u2014often exacerbated by macro developments\u2014to pressure less resilient investors into selling.<\/p>\n Several prominent crypto traders also commented on the events, specifically on accusations of whale-led manipulation.<\/p>\n One well-known figure, Hsaka (@HsakaTrades), advised newcomers not to assume ETH\u2019s decline was driven purely by organic market sentiment: \u201cDear noobs, Ethereum is NOT naturally going down. It is being pushed down via whales placing spoofy sell orders on exchanges to make noobs and risk managers sell to \u2018buy back lower\u2019. They are stealing your bags and will make you buy back at a higher price.\u201d<\/p>\n The notion of a concerted \u201cspoofing\u201d strategy\u2014where large sell orders are placed and then canceled or only partially filled\u2014has long circulated within crypto communities. The tactic reportedly aims to trigger panic sells, thereby letting so-called whales accumulate positions at more favorable price levels.<\/p>\n Prominent trader Pentoshi (@Pentosh1) offered a brief but pointed reaction, highlighting how ETH has underperformed relative to Bitcoin (BTC)<\/a> over the past three years: \u201c3 year shake out so far. Hope you\u2019re right.\u201d Lubin responded by drawing a parallel to conventional bank robberies and suggesting that the recent wave of unease surrounding the Ethereum ecosystem has made the asset a prime target: \u201cWhy do bank robbers rob banks\u2014 or used to? The (unjustified) FUD toward the Ethereum ecosystem is currently most pronounced.\u201d<\/p>\nRelated Reading<\/span><\/h2>\n<\/p>\n
Related Reading<\/span><\/h2>\n<\/p>\n
The question of why whales would single out Ether in particular was raised by community member EVMaverick392.eth (@EVMaverick392): \u201cMaybe I\u2019ll sound naive, but why do whales perform this maneuver exclusively on ether?\u201d<\/p>\n