Ethereum Whales Snap Up 25,400 ETH in Two Hours

Ethereum's price has seen a significant boost after three new whale wallets accumulated over 25,400 ETH in just two hours. The whales spent a total of $50 million DAI to purchase the Ethereum at an average entry price of $1,968.

This coordinated accumulation is a sign of institutional involvement or sophisticated investors creating new positions instead of redistributing holdings. It also indicates growing confidence that Ethereum may have established a medium-term bottom following its dramatic decline earlier this summer.

The technical picture for Ethereum has improved significantly over the past few weeks, with the 20-day and 50-day exponential moving averages turning upward. The current dynamic resistance is the 100-day EMA, located between $1,935 and $1,970. ETH is trading right around that level.

A successful daily close above the 100-day EMA would strengthen the bullish argument and attract more momentum traders to the market. However, recovering this level would not guarantee a move toward the higher resistance at $2,180, where Ethereum's longer-term downward trend is defined by the declining 200-day EMA.