The cryptocurrency market has witnessed substantial price volatility, leading to billions of dollars in liquidations. Amidst this turbulence, Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is attracting significant interest from crypto whales.
Ethereum (ETH) Accumulation Soars Amid Market Fluctuations
Over the past 24 hours, ETH has seen a surge in accumulation, signaling strong buying pressure. On February 3, 2025, blockchain analytics platform EyeOnChain reported on X (formerly Twitter) that a whale borrowed $28.3 million USDT to acquire 10,000 ETH near the $2,817 price level.
Additionally, a wallet linked to 7 Siblings purchased 50,429 ETH worth $126 million during the dip, with an average price of $2,480. This large-scale acquisition highlights growing confidence in Ethereum’s future price action.
According to on-chain analytics firm Coinglass, exchanges recorded an outflow of $228 million worth of ETH within the last 24 hours, indicating that investors are accumulating ETH during this downturn. Such large outflows from exchanges typically reduce selling pressure and contribute to a potential upward trend.
Ethereum (ETH) Price Momentum and Market Sentiment
After dropping to the $2,325 support level, Ethereum has rebounded significantly, reaching $2,700. Despite a 12% decline over the past 24 hours, investor sentiment remains bullish, as reflected in a 270% surge in ETH trading volume. Increased trading activity suggests growing market confidence in Ethereum’s price recovery.
Ethereum (ETH) Technical Analysis and Key Resistance Levels
Technical analysis suggests that Ethereum is currently trading below the crucial $2,800 resistance level, indicating short-term bearish pressure. If ETH fails to break past this resistance, it may face further downside risk.
Ethereum also remains below the 200-day Exponential Moving Average (EMA), reinforcing a bearish outlook in the short term. However, should ETH successfully reclaim the $2,800 level, it could trigger a renewed bullish rally, pushing prices higher.
Conclusion: Is Now the Right Time to Buy Ethereum?
With whales accumulating ETH and exchange outflows increasing, the market conditions suggest a potential upside for Ethereum. While ETH remains in a downtrend, a breakout above $2,800 could signal a reversal, making now a strategic time for long-term investors to consider entering the market.
Traders should keep an eye on upcoming technical indicators and market sentiment shifts to determine the next move for Ethereum.
