Ethereum is seeing a notable wave of accumulation by whales, as major investors poured tens of millions of dollars into buying the cryptocurrency within just a few hours, while its price attempts to stabilize after a sharp correction.
Purchases of more than $100 million:
According to blockchain data, an unknown whale spent $62.97 million in just five hours to buy 27,553 Ethereum at an average price of $2,286.
Meanwhile, another whale with the wallet label 0x9EcA poured $37.96 million into USDC over two hours to buy 16,658 Ethereum at an average price of $2,279, and reportedly continued buying afterward.
The speed and scale of these transactions suggest likely institutional activity, rather than typical retail buying.
The buying comes days after a sell-off led by early investors and a wallet linked to the Ethereum Foundation, totaling about $43 million—less than half the value of the two whales’ purchases.
The technical picture remains unclear:
Despite the scale of the buying, Ethereum’s technical position remains challenging.
It is trading near $2,288, below several key moving averages, most notably the long-term average near $2,320, indicating that bearish momentum remains dominant in the short term.
The next resistance lies between $2,350 and $2,450, while the $2,200–$2,250 zone represents important support that buyers must defend.
The Relative Strength Index (RSI) is approaching the lower end of its neutral range, indicating weaker selling pressure, but not confirming an imminent bullish reversal.
Ethereum needs a sustained recovery above $2,350 to improve its short-term outlook and open the way toward $2,450 and beyond.
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