The complexity of the market often lies in the details. Recently, ETH's price movement has been like a grand performance.

There hasn't been a shortage of on-chain activity these days. Rumors suggest that several top holders have been selling off en masse within 24 hours, with an astonishing scale—close to 30,000 ETH, worth nearly $500 million USD. Logically, such a large sell-off should have caused the price to plummet. But in reality, ETH has held steady above $2,800.

Is it strange? Indeed, it is.

Let's look at the data. One wallet sold 14,585 ETH in a short period, worth about $42.7 million. Almost simultaneously, two other whale accounts dumped a total of 14,000 ETH—one through on-chain DEX channels, and the other through centralized exchanges. In total, over 28,500 ETH flooded into the market—an amount sufficient to cause a 5-10% drop in any asset.

But ETH didn't. The price remained around $2,957, appearing quite calm. No panic selling, no stampedes, and even no obvious retracement.

There must be something behind this. Usually, there are two explanations: one is that institutional funds have already set buy orders below, with ready buyers; the other is that market makers are opportunistically accumulating positions. Both scenarios indicate that someone on the other side of this sell-off is actively absorbing the supply.

What's more interesting is the technical pattern on the 1-hour chart. A "death triangle" formation is brewing. Is this a trap for bulls or a genuine warning of a decline? This question is worth pondering. If the volume can't keep up next, it might just be a false breakout. Conversely, if volume confirms, it could be a true directional signal.