Ethereum is attracting fresh whale interest as large wallets accumulate millions of dollars worth of ETH despite the token’s struggle to regain bullish momentum. According to Lookonchain, one whale purchased 8,773.5 ETH using $19.7 million in USDT, while another withdrew 9,777 ETH from Binance. These transactions highlight continued large-holder activity, but the ETH price still faces technical resistance. Traders are now watching whether buyers can defend the nearby support zone and push the price toward a stronger recovery.
Table of Contents
Lookonchain Reports Fresh Ethereum Whale Accumulation
According to blockchain analytics platform Lookonchain, two large wallets have made significant moves involving Ethereum.
The wallet 0x32c6 purchased 8,773.5 ETH for $19.7 million worth of USDT at a price of $2,245 per ETH. The deal marks an important spot buying amid the uncertainty of the Ethereum market.
In turn, a new wallet with the address 0x4AB7 transferred 9,777 ETH (approximately $22.5 million) out of Binance within five days.
Source: Lookonchain’s X Post
While both these transactions show a considerable amount of activity by whales, they show different transactions. One wallet has bought ETH directly, while the other one has moved its holdings out of an exchange.
Withdrawals from exchanges suggest a desire to keep assets away from the exchange platforms. But this is not enough in itself to prove long-term accumulation or preclude any future selling.
Large ETH Purchases Draw Attention to Exchange Supply
Recent transactions have put the attention of traders on Ethereum’s big holders as traders look at the possibility of institutional-level wallets preparing for a possible rebound.
The $19.7 million buy at around $2,245 indicates that one buyer is ready to purchase ETH even though it is struggling to create a bullish trend.
Additionally, the 9,777 ETH Binance withdrawal is also consistent with the accumulation theme. Provided that these tokens remain off-exchanges, the movement can instantly cut the sellable supply.
However, whale activity should be confirmed by other signs in the market. Persistent trading interest, increased volume, and better performance on price would serve as more signs that accumulation results in market strength.
ETH Price Faces a Critical Battle Between $2,172 and $2,300
Despite the latest whale transactions, the ETH price has yet to establish a convincing bullish recovery.
Aiden, a crypto analyst, highlighted the $2,205-$2,172 range as a key support level. Staying above this zone could give buyers a chance to stabilize the market and make an upward move.
Positive about the news is the fact that the $2,300 level is the first big recovery level. Maintaining this level means that the bullish trend is starting again.
Source: Aiden’s X Post
The $2,409 resistance is yet another important resistance level. Breaking out of it could enhance the recovery structure of the ETH price, but then again trading confirmation would be required.
Aiden Warns Against Treating Short-Term Gains as a Reversal
Although whale accumulation provides a potentially positive sign, analyst Aiden is still skeptical about the ETH price breakout.
The analyst stressed that the ETH price is still having trouble regaining bullish momentum. Based on the common technical analysis, buyers need to defend the price level of $2,205-$2,172 before being able to move upwards.
Furthermore, Aiden pointed out that one green candle alone is not enough to prove a reversal in trend. Rather, traders need to see signs of persistent buying and a comeback above $2,300.
This differentiation is important since big trades could be a result of individual wallet strategies instead of being indicative of changing market sentiment.
What Comes Next for ETH?
The near future of Ethereum is dependent on whether buyers are able to defend levels between $2,205 and $2,172. Succeeding at defending these levels would provide room for an attack on $2,300 and subsequently on the resistance level of $2,409.
However, additional whale buys and exchange withdrawals might offer further insights into large holder positions. However, a breakdown under the support line will weaken the recovery scenario.
Currently, Ethereum whale accumulation is viewed as positive news for the market, but further confirmation from price action is needed to ensure a bull trend emerges.
Also Read: Ethereum Tokenized Stocks Reach $827M as ETH Price Eyes $5,000 Rally
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Usman Zafar is a News Desk writer at Tronweekly with over five years of experience in cryptocurrency and blockchain journalism. He covers Bitcoin, Ethereum, DeFi, crypto laws and regulation, market activity, Layer 2 scaling solutions, and blockchain-based innovations, focusing on fast-moving developments and official industry updates. Usman previously wrote for BTCread and follows strict verification and editing practices to ensure accurate, timely, and responsible crypto news for a global audience.
