A major Ethereum whale has added another 10,380 ETH — worth approximately $19.91 million — to its holdings, even as the overall position sits on substantial unrealized losses. According to on-chain analytics platform Lookonchain, the wallet now holds 25,498 ETH at an average acquisition price of $2,382. The accumulation comes as ETH faces selling pressure near the $1,950 level, while crypto analyst DON has flagged a major demand zone that could determine Ethereum's next significant price movement.

Whale Adds 10,380 ETH Despite Heavy Unrealized Losses

Lookonchain reported that whale address 0x4cee recently picked up another 10,380 ETH valued at approximately $19.91 million. The purchase followed an earlier trading period in which the same wallet reportedly generated $3.66 million in profits by buying and selling a separate batch of 10,500 ETH.

Source: Lookonchain's X post

Following the latest transaction, the whale's total holdings climbed to 25,498 ETH, worth roughly $49.44 million at the reported valuation. The position nonetheless carries an estimated $11.3 million in unrealized losses, with Lookonchain reporting an average entry price of about $2,382 per ETH. Figures like these are traceable because Ethereum transactions are recorded on a public ledger, allowing on-chain analytics platforms to reconstruct a wallet's holdings and cost basis from observable transfers. The losses are also unrealized in the literal sense — they exist on paper and would only be locked in if the wallet sold at current levels.

Despite being underwater, the whale has continued accumulating, although its motivation remains unclear. The transaction highlights activity from a major holder but does not by itself confirm broader market demand.

Whale Accumulation Draws Market Attention

The purchase is attracting attention because it lands during a period of weakness in Ethereum's market structure, with the asset under selling pressure around the $1,950 area. Adding exposure while sitting on substantial unrealized losses raises questions about the holder's longer-term outlook. It could reflect conviction in Ethereum's future valuation, although the wallet's actual investment strategy remains unknown.

The gap between the average entry price and the reported valuation also underscores the pressure facing large ETH holders. Whale tracking has become a routine part of crypto market analysis precisely because large wallets operate on transparent ledgers even when their owners' identities and intentions stay hidden. Transactions of this kind can influence market sentiment, particularly when major investors keep buying during corrections. Even so, traders will need additional on-chain and exchange data to determine whether wider buying activity is developing.

ETH Price Tests the $1,850–$1,950 Demand Zone

Ethereum's technical structure remains under strain as traders monitor the $1,850–$1,950 demand zone. DON identified the region as an important support area for ETH, noting that it previously held during both March and August. Demand zones are price ranges where buying interest has historically absorbed selling pressure, which is why a level that has held before tends to draw renewed attention from traders charting the next move. The analyst also outlined a potential 5% decline on the three-day timeframe toward approximately $1,952.

The zone is therefore a key area to watch for signs of buying pressure. A successful defense could help the ETH price stabilize, while continued selling could weaken its short-term structure.

DON also highlighted a descending trendline originating from Ethereum's 2025 market peak. According to the analyst, that trendline intersects the $1,550 range floor in approximately 290 days. Trendlines of this kind connect successive lower highs and are commonly used by chartists to visualize where overhead resistance sits as time passes.

DON Sees $8,580 Target if Support Holds

Despite acknowledging the possibility of additional short-term weakness, DON has laid out a longer-term bullish scenario. In the analyst's view, holding the $1,850–$1,950 demand zone could support a recovery toward previous range highs, followed by a potential move toward $8,580.

Source: DON's X post

However, this projection depends on buyers defending the identified support region. A sustained breakdown would weaken the bullish outlook and delay the anticipated recovery. The $8,580 figure remains a long-term technical projection rather than an immediate price expectation.

What Comes Next for ETH?

Ethereum's next move will largely hinge on how the market responds at the current demand zone. Traders will watch whether the ETH price can attract sufficient buying pressure at that range to stabilize and recover toward higher levels.

The whale's accumulation also remains worth monitoring, particularly whether address 0x4cee keeps adding to its exposure. On the downside, DON considers a three-day close below $1,550 sufficient to invalidate the broader bullish setup.

For now, the $1,850–$1,950 region remains central to Ethereum's near-term structure, while whale activity provides added context on large-holder positioning.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. This is not financial advice.