Ethereum Whale Activity Surges As ETH Price Eyes $2,000 Breakout

Ethereum whales are making notable moves as the crypto market shows signs of recovery. Blockchain analytics platform Lookonchain reported on X that big ETH holders are back in action. 

Whale 0xE1Ad moved 6,114 ETH, worth $12.52 million, from OKX to Aave. Meanwhile, addresses 0x7673 and 0xBA9A, likely controlled by the same whale, returned after months of inactivity and spent $10.93 million to buy 5,350 ETH at $2,043. 

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Earlier, whale 0x46DB withdrew 13,450 ETH, or $26.75 million, from OKX and Bybit. These moves suggest that major traders are gaining confidence as the market recovers.

As of writing, according to CoinMarketCap, Ethereum was trading at $1,989.52, a 0.78% increase in the last 24 hours, while global crypto capitalization sits at $2.33 trillion, up 1.42%. 

Market sentiment and trader behavior

According to CoinGlass data, the majority of ETH traders are positioning themselves to front-run the rally. On Binance, the overall long/short ratio for ETH/USDT is 1.56, and for OKX its 1.61. Liquidation numbers reveal recent volatility, with over $56 million in leveraged positions liquidated in the past 24 hours. 

Technical levels and consolidation

On the 4-hour chart on TradingView, Ethereum is attempting to rise past $2,050-$2,100 but is struggling to do so after rebounding from $1,800. Currently, the mark near $1,900 is considered a key support. 

The trading volume doesn’t give a clear edge to either the buyers or sellers. However, the Accumulation/Distribution line seems to indicate that buyers are slowly accumulating during the dip. 

As Ethereum whales are actively shaping the market amid cautious recovery, ETH price movements near $2,000 will likely define short-term trends and trader positioning. 

Also Read: Crypto Markets Rebound: Bitcoin and ETH Flirt with Key Levels