It may be because ETH's long-term "pump and dump" has truly scared the ETH whales. 😂 As soon as it rises a bit, the whales sell or short it.

For example: a whale that sold 15,000 ETH just yesterday has liquidated all of its remaining 35,754 ETH in the past 2 hours at a price of $1,793, exchanging it for 64.128 million USDT.

Adding to that, the 15,000 ETH he sold short yesterday, he has sold a total of 50,754 ETH in the last 17 hours, converting it to 89.034 million USDT, with an average selling price of $1,754.

In other words, he not only liquidated his held ETH but also short-sold 15,000 ETH.