Ethereum market sentiment is currently undergoing a major change, with the whales, or big-time investors, starting to buy in large volume after a few days of extreme volatility. The blockchain data recorded in the past 24 hours indicates that close to 60 million dollars’ worth of Ethereum left centralized exchanges. 

Usually, this movement indicates that the pressure for immediate selling is decreasing, and whales are starting to buy as the market stabilizes around the psychological support level of $2000.

Whales are accumulating $ETH.

0x46DB withdrew 19,503 $ETH($40M) from #OKX over the past 13 hours.

0x28eF withdrew 9,576 $ETH($19.78M) from #Binance over the past 8 hours.https://t.co/FQe95DLQZphttps://t.co/yVi2hnhq9l pic.twitter.com/u0cq8RHqTv

This recent accumulation has revealed two individual wallet addresses. The initial 0x46DB was a withdrawal of 19,503 ETH worth approximately 40 million dollars on the OKX exchange over 13 hours.

Soon after, a second whale named 0x28eF transferred 9,576 ETH, valued at almost 19.78 million, out of Binance. 

These large outflows mean that there are more advanced traders who are looking at the current price of $2,015 as a favorable entry point, particularly following the wild price action that was observed earlier in the week.

Technically, Ethereum is pointing at several indicators that could be hinting at a market bottom. The Relative Strength Index (RSI) on a daily basis now stands at 29, meaning that the asset is on a very strong oversold side. 

An RSI of less than 30 typically precedes a technical bounce or a period of consolidation as the selling momentum diminishes. Traders are closely monitoring the $2,000 support zone, which has served as a pivotal floor for the asset during its recent correction.

While the short-term perspective suggests a more stable situation, several critical moving averages continue to condition the overall trend. The 9-day Simple Moving Average (SMA) is currently at $2,400, while the 50-day SMA has reached a high of $3,000. These are the key areas of resistance that Ethereum needs to get through to regain its bullish momentum. 

Though, in the short term, the immediate resistance is at $2,300, which has in the recent past served as a ceiling on minor relief rallies.

The market environment is at present interestingly violent due to a flash crash that took place only two days ago when Ethereum went down to $1750. A massive liquidation accelerated this fall by wiping out hundreds of millions of dollars in leveraged long positions.

The decline did not last long, however, with the $1,750 level directly met with buy-side interest and the pumping resumed again to above the $2,000 mark. This V-shaped recovery typically signifies strong underlying demand beneath the retail panic.

After the market was cleaned up, whales have started to accumulate more Ethereum, indicating that they are confident the support levels are currently adequate. These massive holders are successfully reducing the supply by removing tens of thousands of Ethereum tokens from exchange order books. 

In case the outflows from the exchanges remain the same, any rise in purchasing may result in a steeper increase in price because of the decrease in the supply of the tokens on the trading platforms.

The whales’ aggressive buying around the $2000 level shows their confidence in the asset’s long-term value proposition.

Most institutional and whale-level investors view these heavy liquidations and periods of extreme fear as strategic opportunities to increase their positions.

The traders will now be watching what happens in the next weekly close to determine whether Ethereum will continue to be above the $2,000 mark. A consolidation process in this area would be a good indication of the market bottom, whereas a reversal higher to the $2,300 level would be a good indication of the new recovery period. 

As the market digests the recent whale movements and technical oversold signals, the focus remains on whether the broader crypto market can decouple from recent geopolitical tensions and return to its structural growth path

Bitcoin price in Telegram @btc_price_every_hour

196 +