Ethereum
Ethereum whale activity supports recovery as index signals heavy buying
Large holders accumulated 80,000 ETH worth $152 million, though one long-term whale realised losses after three years of holding.
Ethereum recovered to trade near $1,923 after dipping to $1,820 last week, with two major whale transactions driving the upward move. One whale withdrew 30,000 ETH worth $57.21 million from Coinbase Prime and distributed it across three new addresses, while another acquired 50,000 ETH worth $95.73 million from a Fidelity-linked wallet before moving a portion to a new address.
The Whale Sentiment Index climbed to 66, staying above 60 for two consecutive days and above 50 for six straight days, indicating sustained buying pressure among large holders. However, one long-term whale moved against the trend, selling 7,323 ETH for $13.96 million after holding since February 2022 and March 2023, realising a $6 million loss on holdings averaging a $2,723 entry price.
Technical indicators suggest the accumulation has strengthened demand dynamics. The SMI Ergodic Indicator executed a bullish crossover to 0.1, while ETH now sits above both its 20 and 50-day moving averages and is testing the 100-day line. If momentum holds and that level flips, price could move toward the 200-day moving average near $2,147.
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