- Ethereum’s price drops 10.40%, nearing $2,000 support, while whales accumulate 330,000 ETH, signaling potential rebound.
- The next move hinges on holding onto this level; a breakdown could trigger further liquidations
Ethereum [ETH] has been caught in a bearish spiral, shedding 10.40% in the past week and nearing the crucial $2,000 support level.
The latest 10.40% drop has raised concerns among investors, as macroeconomic pressures and market-wide sell-offs continue to weigh on assets.
While short-term traders are exiting their positions, large Ethereum whales have taken a contrarian approach, accumulating 330,000 ETH in just 48 hours.
This divergence between price action and whale behavior raises an important question — are we witnessing the start of a deeper correction, or is this a strategic accumulation phase before a potential rebound?
Ethereum price outlook and key levels
Ethereum’s recent 10.40% weekly drop, is reflected in key technical indicators signaling bearish momentum.
The RSI sat at 38.06 at press time, nearing the oversold region, suggesting that selling pressure was dominant, but a potential reversal could emerge if buyers step in.
Source: TradingView
The MACD indicator remained in negative territory, with the MACD line at -9.50 and the signal line below zero, reinforcing the ongoing bearish trend.
Additionally, the OBV showed a slight decline, indicating reduced buying activity and weaker demand.
Ethereum must hold the $2,000 support level, as past data suggests that losing this zone could trigger cascading liquidations.
However, if buyers capitalize on current whale accumulation, a recovery toward $2,200 could be possible.
Whale accumulation: A sign of confidence or caution?
Ethereum’s price has dipped significantly, yet on-chain data reveals that large holders have accumulated 330,000 ETH in the past 48 hours.
There’s been a sharp increase in balances held by wallets with 100,000+ ETH, indicating strategic buying by deep-pocketed investors.
Source: X
These major players could include institutions, long-term holders, or market makers positioning themselves ahead of potential price swings.
The timing suggests that whales might be buying the dip, expecting a recovery, or hedging against further volatility.
Historically, such whale accumulation has preceded price rebounds, but with Ethereum hovering around the critical $2,000 level, the next move will depend on whether buying pressure sustains or broader market conditions force another leg downward.
On-chain metrics and market sentiment
Source: Cryptoquant
