Ethereum Survives $3,100 Breakdown After Hayes’ $4M Sell-Off and Whale Awakening

Ethereum regained the $3,100 price level after briefly dipping below for over four hours on Monday morning. The rebound came during heightened activity from a decade-old wallet and major liquidations by notable market figures.

The recent volatility underscores two contrasting market forces: long-term holders reemerging and influential players trimming exposure.

ETH Price Action and Market Sentiment

Ether dropped below $3,100 for the first time since November 4, 2025, trading at $3,066 at 9:36 PM UTC on November 16, down 3.4% over 24 hours. This decline reflected broader weakness in digital assets and a view that ETH carries a higher risk than Bitcoin.

One trader on X said, “Getting more and more difficult to see a different outcome for $ETH currently. Had to cut the long (on ETH) this afternoon. Won’t be trying anymore.”

Despite the brief dip, Ethereum recovered to above $3,100 within hours, demonstrating notable resilience. Market participants are closely monitoring ETF flows for signs of continued selling or a reversal, as they could set the tone for ETH’s direction around this key support.

According to Coinalyze data, the Long-Short Ratio for ETH records over 3.0, signaling strong trader engagement. Recent high points indicate periods of increased activity, while rising Open Interest reflects growing participation and potential for bullish continuation. Nevertheless, ratio spikes also hint at short-term volatility risks.

Arthur Hayes Liquidates Crypto Holdings

BitMEX co-founder Arthur Hayes began a series of large-scale crypto sales totaling approximately $4.1 million. On-chain analytics platform Lookonchain reported that Hayes sold 520 ETH, valued at $1.66 million, 2.62 million ENA, valued at $733,000, and 132,730 ETHFI, valued at $124,000, on Sunday.

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

These sales occurred as Ethereum retreated to $3,100 and Bitcoin slid to $94,000. Hayes’ actions may reflect a defensive rebalancing or profit-taking approach during uncertainty, possibly adding selling pressure on ETH and related assets.

Dormant Ethereum Wallet Reawakens After a Decade

In a rare move, a dormant Ethereum ICO wallet transferred 200 ETH worth $626,000 after over 10 years, according to Lookonchain. The wallet had received 1,000 ETH during Ethereum’s genesis for a $310 investment—now a 10,097x return at current prices.

Such activity is significant because it shows early adopters’ ongoing faith in Ethereum’s long-term value and potential. These movements can also increase market supply. The wallets tied to Ethereum’s genesis and pre-mining stages are rare and closely followed by the crypto community as signals of whale activity and shifts in sentiment.

The reactivation of a decade-old wallet illustrates the maturation of the Ethereum ecosystem. Early investors who held through several bear markets and volatile cycles are now moving assets, possibly for profit-taking, diversification, or new investment strategies.

Diverging Expert Opinions on Ethereum’s Future

Prominent analysts remain divided about Ethereum’s future. Tom Lee, Chairman of BitMine, communicated strong bullish sentiment, comparing Ethereum to Bitcoin’s previous supercycles. In a recent statement, Lee pointed out that Bitcoin endured six declines of over 50% and three of over 75% in the past 8.5 years, yet rose 100-fold by 2025.

Lee emphasized that navigating volatility and uncertainty is required to profit from supercycles. He argued that Ethereum is now following a similar trajectory, urging investors to hold through turbulence for the potential of exponential gains.

$1,800 looks like a great spot to buy Ethereum!

— Ali (@ali_charts) November 16, 2025

Conversely, analyst Ali Martinez offered a cautious view, suggesting ETH could drop to $1,800. His outlook reflects concerns about ETF outflows, risk relative to Bitcoin, and broader market challenges. The disagreement among experts highlights ongoing uncertainty about Ethereum’s near-term moves.

The tension between long-term optimism and short-term caution reflects current sentiment toward Ethereum. Institutional investors show hesitation, but on-chain actions by early participants and active trading suggest a complex environment. The next few weeks may determine if ETH can maintain its support above $3,100 or if further declines will test lower levels.