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The cryptocurrency market has experienced significant price fluctuations, leading to billions of dollars in liquidations. Amid this, whales appear to be focusing on Ethereum (ETH), the world’s second-largest cryptocurrency by market cap.
Whale Eyes on Ethereum
In the past 24 hours, the crypto market has seen millions of dollars worth of ETH accumulation. Today, February 3, 2025, blockchain transaction tracker EyeOnChain posted on X (formerly Twitter) that a whale borrowed $28.3 million USDT to buy 10,000 ETH when it was trading near the $2,817 level.
In addition, another wallet belonging to 7 Siblings purchased 50,429 ETH worth $126 million during this dip, with an average price of $2,480.
Despite this substantial purchase, whales have accumulated a significant amount of ETH in the past 24 hours, as reported by the on-chain analytics firm Coinglass. Data from spot inflows and outflows revealed that exchanges have seen an outflow of $228 million worth of ETH, suggesting potential accumulation.
However, such an outflow during a market dip appears to be an ideal buying opportunity, potentially increasing buying pressure and fueling a further upside rally, which ETH has already witnessed.
Current Price Momentum
After hitting the $2,325 level, Ethereum (ETH) has significantly recovered, reaching $2,700, though it remains down 12% in the past 24 hours. However, during the same period, investors and traders have shown strong interest and confidence in the token, leading to a 270% surge in trading volume.
Ethereum (ETH) Technical Analysis and Upcoming Level
According to expert technical analysis, ETH is still below the crucial support level of $2,800, making it more bearish and suggesting a further price drop in the coming days.
Based on recent price action and historical momentum, there is a strong possibility that ETH could decline further if it does not reclaim the $2,800 level.
Despite a notable price recovery, Ether is still trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset remains in a downtrend.