Ethereum Whale Swoops in for 25,400 ETH, Volume Jumps by 163%

An enigmatic Ethereum whale has purchased over 25,400 ETH in just two hours, marking a significant increase in Ethereum's volume by 163%. On-chain data shows that three recently established wallets, which are likely part of the same organization, spent $50.04 million DAI to buy the cryptocurrency at an average entry price of $1,968.

This coordinated accumulation occurs at a crucial time for Ethereum, as it tries to recover one of its biggest technical resistance levels in months. The timing indicates growing confidence that Ethereum may have established a medium-term bottom following its dramatic decline earlier this summer.

Ethereum's technical picture has improved significantly over the past few weeks, with the 20-day and 50-day exponential moving averages turning upward, indicating an improving market structure and growing momentum. The current dynamic resistance is the 100-day EMA, located between $1,935 and $1,970, which Ethereum is currently trading around.