Ethereum Whales Accumulate as Traders Position for Potential Recovery

• Whales purchased 600,000 ETH during the recent price dip, signaling a “buy the dip” strategy amid market uncertainty.
• Intraday traders hold $201M in long positions at $2,567, outweighing $60M in short positions, reflecting bullish sentiment.

Ethereum (ETH) has experienced notable activity from large investors and traders. Over the past week, whales purchased 600,000 ETH, taking advantage of the recent price decline.

This accumulation aligns with a strategy of acquiring assets during market dips. However, data from Coinglass shows these same whales have started moving ETH to exchanges, with $10 million worth of inflows recorded in the last 24 hours. Such movements often indicate potential selling pressure, though the current amount remains limited.

Intraday traders are also positioning themselves for a possible price rebound. At the time of reporting by ETHNews, traders hold $201 million in long positions at $2,567, compared to $60 million in short positions at $2,635.

This disparity reflects a bullish outlook among traders, despite ETH’s recent 3.25% price drop. Trading volume has increased by 15%, showing heightened activity as market participants anticipate a shift in momentum.

Source: Coinglass

From a technical standpoint , Ethereum is forming a descending triangle pattern on the four-hour chart, a setup often linked to potential breakouts. ETHNews analysts suggest that if ETH closes a four-hour candle above the $2,700 resistance level, it could rise by 10%, reaching $3,000. However, ETH remains below the 200-day Exponential Moving Average (EMA), a key indicator of long-term trends, which currently signals a bearish market sentiment.

The recent actions highlight a contrast between short-term traders and long-term holders. While whales have accumulated ETH during the price dip , their decision to transfer tokens to exchanges introduces uncertainty. Meanwhile, intraday traders are leveraging their positions, betting on a near-term recovery.

Source: Tradingview

Ethereum’s price movements remain a key focus for the cryptocurrency market, often influencing the performance of other digital assets.

Source: Tradingview

The current price of Ethereum (ETH) is $2,606.69 USD, reflecting a 1.89% decline in the past 24 hours. Over the past week, ETH has dropped by 6.56%, showing a short-term bearish trend. However, in the last month, ETH has increased by 14.1%, and in the past year, it has grown by 3.1%, indicating a mixed performance with strong long-term potential.

Ethereum remains the second-largest cryptocurrency by market capitalization, which currently stands at $314.19 billion USD. The 24-hour trading volume is approximately $23 billion USD, highlighting significant investor activity.

Source: Coinmarketcap

The circulating supply is 120.54 million ETH, with no maximum supply cap, as Ethereum continues its transition into a more sustainable Proof-of-Stake (PoS) model.

From a technical perspective, Ethereum has been fluctuating between $2,565.92 and $2,667.06 USD in the past 24 hours. The key support levels to watch are $2,550 and $2,500 USD, which could prevent further downside movement.

On the upside, resistance is found at $2,670 and $2,750 USD. If ETH manages to break above these resistance levels, it could potentially retest the $2,800 to $3,000 USD range in the near future.