Despite two capitulation events, ETH whales continue to sell; is Ethereum price on the verge of a crash?

After two major capitulation events in the past 20 days, Ethereum (ETH) whales have been selling off their holdings since mid-March. Will this behavior push Ethereum prices below $2,000? Is this short-term panic among ETH whales, or will it lead to a deeper crash?
Ethereum price could plummet due to whale sell-offs of ETH.According to Santiment data, Ethereum whales holding 1,000 to 10,000 ETH sold 110,000 tokens worth $214 million, with the current ETH value at $1,950/ETH.

Similarly, addresses holding 10K to 100K decreased by 380K, worth $741 million, while the holdings in the 100K to 1M address group decreased from 19.59 million ETH to 19.20 million ETH.
The massive sell-off by high-net-worth investors indicates a bearish outlook and suggests that Ethereum prices are about to plummet.
Why is this important? Typically, whales sell during an uptrend but do not sell after a major drop or capitulation event. Santiment data shows that two significant capitulation events occurred on March 7 and March 21, with a large amount of ETH sold at a loss. In such events, whales often buy, which makes the current whale sell-off since mid-March unusual.
Does this imply a bearish outlook for Ethereum price predictions? Let's explore ETH price analysis and analysts' views on the current outlook.
Ethereum Price AnalysisDoes this mean Ethereum prices will fall below $2,000? Given the increased selling pressure and the uncertain outlook for Bitcoin (BTC) prices, it is highly likely that ETH prices will drop below $2,000.
A user with the name 'X' has established a short position on ETH with a target price of $1,930.
Another X user posted that 'Ethereum is not looking good for bulls', showing that the rising trend line has been broken, indicating the start of a downtrend.
According to the Time Price Opportunity (TPO) chart, the next key level to watch is the value area, extending from $1,926 to $1,875. The upper limit of the value area is $1,926, which also coincides with the low (i.e., liquidity), making it a good place to take profits if investors go short.
Despite the two capitulation events, the recent sell-off by Ethereum whales is a bearish indicator, suggesting that Ethereum prices are about to crash. With increased selling pressure and the uncertain outlook for Bitcoin (BTC) prices, it is highly likely that ETH prices will fall below $2,000. Investors should proceed with caution and consider potential risks and opportunities in the market.