Market cap is falling without brakes, and today some whaleshave transfered thousands of eth to exchanges (some of them, are big whales that acumulated eths from since their price was few cents).
When this whales sell their eth for some million dollars the falling will be tremendous.
the idea of whales in the system is just a way of saying we have serious holders holding a whole long or volumes of crypto currencies in serious vaults and this accounts for their influence in what ever sector they deem fit to invest in such to amass such volumes and control certain degree of demand and supply functionality in their market.