Ethereum Whale Buys $55.8M in ETH as Price Eyes a $2,000 Recovery

Key Insights:

• A whale spent $55.8 million to acquire 35,723 Ethereum at an average price of $1,563.
• Analyst CW sees limited resistance toward $2,000 once ETH clears the sell wall near $1,625.
• Jesse Olson warned that a loss of monthly support could expose Ethereum to the $1,000 region.

Ethereum price attempted to stabilize this week after a sharp sell-off pushed ETH to its lowest levels of the year. The recovery lifted the cryptocurrency above $1,600 as whale accumulation returned and traders searched for signs of a bottom.

However, market sentiment remains divided. Some analysts believe Ethereum could extend its rebound toward $2,000 if nearby resistance breaks. Others argue that the broader trend remains bearish and could eventually drag ETH toward $1,000.

Ethereum Whale Returns With $55.8M Purchase

Lookonchain reported that a whale who previously sold 60,000 ETH worth $117.25 million near $2,040 has started buying again. The address also sold 9,442 swstETH worth about $24 million, roughly one week earlier.

Over the past two days, the whale spent $55.8 million to acquire 35,723 ETH at an average price of $1,563. The latest transactions show swaps through CoW Protocol, including purchases funded with USDC.

Activity also included a $10 million USDC withdrawal from Aave before additional purchases. The pattern suggests the address is rebuilding exposure after reducing holdings at higher prices. Lookonchain added that the buyer may continue accumulating.

ETH price traded near $1,610 after gaining more than 2% during the latest session. The recovery followed a decline that drove the asset from above $2,000 toward $1,500 within several days.

ETH Crypto Tests a Major Sell Wall

Meanwhile, analyst CW said ETH price is breaking through a nearby sell wall around $1,610 to $1,625. His one-hour chart showed price pressing into resistance after forming a short-term base near $1,550.

CW argued that no major resistance appears between the current barrier and $2,000 once buyers clear the sell wall. However, his chart still shows overhead supply between roughly $2,010 and $2,040.

Buy walls are also developing below the market. The closest support zones sit near $1,565 and $1,580, while another demand area appears between $1,500 and $1,535. A larger support block remains near $1,385 to $1,425.

A confirmed break above $1,625 could strengthen the rebound during the latest recovery attempt. Failure at the barrier may send ETH back toward demand zones.

Analyst Warns of $1,000 ETH

However, analyst Jesse Olson said Ethereum price has lost its bullish structure after falling below major technical levels. He pointed to lost trend indicators, the 200-week simple moving average, and support held for about five years.

Olson’s monthly chart places former support around $1,790, which now acts as resistance. ETH has already moved well below that level, weakening the longer-term setup.

His first box sits near $1,000 to $1,150, close to monthly support around $1,066. A second target appears around $500 to $650, while deeper historical support remains near $114.

Olson said ETH could visit both target boxes if its structure mirrors Cardano’s decline. He had also warned months earlier that Ethereum price could approach $1,000.

ETH Crypto Traders Keep Leveraged Bullish Bets

Additionally, Onchain Lens reported that trader James Wynn opened a small 25-times leveraged ETH long while maintaining his Bitcoin position. The ETH trade carried 5.31 ETH, an entry near $1,559, and a value of roughly $8,457.

The position showed a modest unrealized profit as ETH traded around $1,591. Meanwhile, Wynn’s 40-times leveraged Bitcoin long remained much larger, with exposure above $371,000 and liquidation near $59,841.

Analyst James Easton compared Ethereum’s long-term structure with Nvidia before its major expansion. His chart presents similar rounded bottoms, repeated peaks, and rising support lines across both assets.

The comparison points to a bullish long-term possibility, but it is only a chart-based resemblance, not a confirmed target. In the short term, ETH needs to stay above $1,550 and break through the $1,625 resistance area.

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