Ethereum survives $3,100 drop despite Hayes selling $4 million and whales waking up

Ethereum has returned to $3,100 after briefly falling below it for more than four hours on Monday morning. The recovery comes amid increased activity from a decade-old wallet and large liquidations from prominent market figures.

Recent volatility represents two opposing forces in the market: long-term holders are making a comeback and influential players are significantly reducing their participation.

ETH Price Movements and Market Sentiment

Ether fell below $3,100 for the first time since November 4, 2025, trading at $3,066 at 21:36 UTC on November 16, down 3.4% in 24 hours. The decline reflects broader weakness in digital assets and the view that ETH carries a higher risk than Bitcoin .

“It's getting harder to see a different outcome for $ETH now. Had to cut long (on ETH) this afternoon. Won't try again,” said a trader on X.

Despite the slight drop, Ethereum has recovered above $3,100 in a matter of hours, showing remarkable resilience. Market participants are closely watching ETF flows for signs of selling or reversal, as they could set the tone for ETH 's direction around this key support .

According to Coinalyze data , ETH 's Long-Short Ratio is above 3.0, indicating strong trader participation. Recent highs signal periods of increased activity, while rising Open Interest reflects increased participation and the possibility of continued bullish momentum. However, peaks in the ratio also suggest short-term volatility risks.

Arthur Hayes liquidates crypto assets

BitMEX co-founder Arthur Hayes initiated a large-scale crypto chain totaling around $4.1 million. on-chain analytics platform Lookonchain reported that Hayes sold 520 ETH, worth $1.66 million, 2.62 million ENA, worth $733,000, and 132,730 ETHFI, worth $124,000, on Sunday.

Hours later, Hayes expanded the liquidation: he sold an additional 260 ETH worth $820,000, 2.4 million ENA worth $651,000, 640,000 LDO worth $480,000, 1,630 AAVE worth $289,000, and 28,670 UNI worth $209,000, according to another Lookonchain post . These assets were sent to institutional trading desks—including Flowdesk, FalconX, and Cumberland—which typically handle large-volume liquidations .

These sales came as Ethereum retreated to $3,100 and Bitcoin fell to $94,000 . Hayes' actions may reflect a defensive rebalancing approach or profit-taking amid uncertainty, which could increase selling pressure on ETH and related assets.

Dormant Ethereum Wallet Comes Back to Life After a Decade

In a rare move, a dormant Ethereum ICO wallet has transferred 200 ETH worth $626,000 more than 10 years later, according to Lookonchain . The wallet received 1,000 ETH during Ethereum's genesis period for a $310 investment—now a 10,097x return at current prices.

Such activity is important because it demonstrates continued confidence by early adopters in the long-term value and potential of Ethereum. These moves can also increase market supply. Wallets associated with Ethereum's genesis and pre-mining phases are rare and are closely watched by the cryptocurrency community as signals of whale activity and shifts in sentiment.

The reactivation of a decade-old wallet shows the maturity of the Ethereum ecosystem. Early investors who held through several bear markets and volatile cycles are now moving assets, perhaps to lock in profits, diversify, or pursue new investment strategies.

Expert Opinions Differ on Ethereum's Future

Prominent analysts are divided on the future of Ethereum. Tom Lee, President of BitMine, expressed strong optimism, comparing Ethereum to previous Bitcoin supercycles . In a recent statement, Lee pointed out that Bitcoin has experienced six drops of over 50% and three drops of over 75% in the past 8.5 years, but still increased 100 times by 2025.

Lee stressed that dealing with volatility and uncertainty is essential to profiting from supercycles. He believes Ethereum is now following a similar trajectory, encouraging investors to hold through volatility for the potential for outsized returns.

In contrast, analyst Ali Martinez takes a cautious view, suggesting that ETH could fall to $1,800. His view reflects concerns about ETF outflows, risks relative to Bitcoin, and broader market challenges . The disagreement among experts reflects ongoing uncertainty about Ethereum's short-term trajectory.

The tension between long-term optimism and short-term caution reflects the current sentiment on Ethereum. Institutional investors appear hesitant, but on- chain actions from early adopters and active trading suggest a mixed environment. The next few weeks could determine whether ETH can maintain support above $3,100 or if further declines test lower levels.