The Ethereum price received substantial purchasing power from three related cryptocurrency wallets, which paid 39.85 million DAI to buy 16,114 ETH at $2,473 per unit.
The whale buyback occurred within two hours of wallets selling ETH worth $23.46 Million at $3,246 on January 13.
A strategic reorganization appears to have driven this purchase during sharply falling market conditions.
3 wallets (likely belonging to the same whale) spent 39.85M $DAI to buy 16,114 $ETH at $2,473 in the past 2 hours.
These 3 wallets previously sold 7,227 $ETH($23.46M) at $3,246 on Jan 13 and are now buying back $ETH at a lower price.
Wallets:… pic.twitter.com/Eosmm8Bb8Y
— Lookonchain (@lookonchain) February 26, 2025
Ethereum Surges 3% in a Day, Approaching $2.5K
Ethereum’s price surged by 3% for the day while it approached the $2.5K threshold level. The Ethereum price on CoinMarketCap is currently $2,433, and according to current market trends, it has experienced a 0.14% decline since its previous peak.
The total market capitalization accounts for $293.4 Billion, and the 24-hour volume settled at $24.35 Billion, showing a substantial 38.5% decline in trading transactions.
In the two-hour timeframe, Ethereum demonstrated a robust rebound from its position below $2,400, which allowed it to challenge resistance at $2,500.
The nearness of selling pressure caused Ethereum’s price to move negative briefly. The rising price shows traders expect short-term growth because whales buy into Ethereum, and the market displays positive sentiments.
Ethereum price Short-Term Trend Shows Resistance Near $2,500
According to the 4-hour Ethereum (ETH/USD) chart, the price demonstrates a bearish direction through its $2,432 trading position.
The downward market force intensified since the price dropped from its peak at $2,800. The retail price of ETH continues to stay below three technical averages.
The 50-SMA serves as yellow resistance, green 100-SMA, and blue 200-SMA. The 200-SMA establishes bearish trends for the long term since the price has been unable to surpass $2,838.
Ethereum price recently dropped through the $2,500 support level during the preceding sessions’ trading period.
The price lost bullish momentum when it failed to stay above 50-SMA and 100-SMA. A downward trend in moving averages verifies the bearish dimension because the 200-SMA is a powerful barrier against price advances.
The Relative Strength Index (RSI) currently stands at 33, an oversold region. The ongoing selling intensity remains high, but potential minor upward pressure could occur in the short term.
Any upward movement in BTC price must overcome initial obstacles at $2,500 and $2,667 since these levels correspond with positions of the 100-SMA.
In case of continued decline, potential support for the price exists at the $2,400 psychological area. A price move under $2,400 would establish more downward potential, reaching as low as $2,300 or as far as $2,200.
Ethereum price needs to surpass $2,667 in order to start a bullish pullback, while its main resistance zone sits at $2,838.
Despite signs of cautious buying, the ETH/USD price shows bearish momentum for short-term periods.
The current market structure indicates selling pressure remains in command, so price recovery needs to cross important resistance barriers for an actual trend change.
Source: https://www.thecoinrepublic.com/2025/02/28/whales-stacking-up-ethereum-price-reclaim-3k/