Erik Voorhees-linked wallets have made a significant splash in the Ethereum market, emerging as the largest on-chain buyers during the recent price decline. Over three days, these addresses spent 125.3 million USDT to acquire 64,231 ETH at an average price of $1,950 per ETH. The current holdings now include 617,000 ETH, valued at approximately $10.7 billion, with $14.77 million in unrealized losses at present market levels.
The wallets still hold 37.66 million USDT in stablecoins, which could indicate additional buying power if no leverage is involved. The current price of ETH stands at $1,799.64, trading within the Bollinger Bands with lower support at $1,769.53 and upper resistance at $2,112.17. The bearish structure remains intact, as the price sits below both the 50-EMA at $2,037.93 and the 200-EMA at $2,278.04.
Technical indicators suggest oversold conditions, with the RSI at 26.4 and the MACD at -74.18 confirming a death cross. Analysts anticipate a potential relief bounce toward the 50-EMA resistance at $2,037.93 before any further downward movement.