Ethereum is drawing renewed attention from large holders as deep-pocketed wallets add to their positions even while the token struggles to regain bullish momentum. According to on-chain analytics platform Lookonchain, one whale spent $19.7 million in USDT to purchase 8,773.5 ETH, while a separate wallet pulled 9,777 ETH off Binance. Because blockchains function as public ledgers, transfers of this size leave a permanent, traceable record that analytics desks can flag in real time, giving traders visibility into how major holders are positioning. The transactions point to sustained large-holder activity, yet ETH's price continues to face firm technical resistance. Traders are now watching whether buyers can defend the nearby support zone and set up a stronger recovery.

Lookonchain Reports Two Major Whale Moves

Lookonchain data shows two large wallets executing significant Ethereum transactions in recent days.

The first, operating under the address 0x32c6, purchased 8,773.5 ETH for $19.7 million in USDT at a price of $2,245 per ETH — a notable spot acquisition made amid prevailing uncertainty in the Ethereum market. USDT, issued by Tether, is a dollar-pegged stablecoin and one of the most widely used settlement instruments for large cryptocurrency trades.

In a separate move, a newly created wallet with the address 0x4AB7 transferred 9,777 ETH, worth approximately $22.5 million, out of Binance within a five-day window.

Source: Lookonchain's X post

While both transactions reflect substantial whale activity, they differ in nature: one wallet bought ETH outright on the spot market, while the other moved existing holdings away from an exchange. Exchange withdrawals typically signal an intent to keep assets away from trading platforms, though such moves alone do not prove long-term accumulation nor rule out future selling.

Whale Activity Puts Exchange Supply in Focus

The transactions have sharpened trader attention on Ethereum's largest holders, with some market participants looking at the possibility that institution-scale wallets are positioning for a rebound. The $19.7 million purchase at roughly $2,245 shows that at least one buyer is willing to accumulate even as ETH struggles to build a sustained uptrend.

The 9,777 ETH withdrawal from Binance also fits the accumulation narrative. Provided those tokens remain off exchanges, the immediately sellable supply effectively shrinks. Still, whale activity needs confirmation from broader market signals — sustained trading interest, higher volume, and improved price performance — before it can be read as genuine market strength.

ETH Price Faces a Critical Fight Between $2,172 and $2,300

Despite the latest whale transactions, ETH has yet to establish a convincing bullish recovery. Crypto analyst Aiden identified the $2,205–$2,172 range as a key support level, noting that holding above this zone would give buyers a chance to stabilize the market and attempt an upward move. In technical analysis, support describes a price zone where buying interest has historically been strong enough to absorb selling pressure, while resistance marks levels where sell-side supply has previously capped advances.

On the upside, $2,300 stands as the first major recovery hurdle. Reclaiming and maintaining that level would suggest the bullish trend is restarting. Beyond it, the $2,409 resistance marks another important level — a breakout there would strengthen ETH's recovery structure, though it would require confirmation from trading activity.

Source: Aiden's X post

Aiden Cautions Against Reading Short-Term Gains as a Reversal

While whale accumulation offers a potentially constructive signal, Aiden remains skeptical about the prospect of an imminent breakout. The analyst stressed that ETH is still struggling to regain bullish momentum, and that — under conventional technical analysis — buyers must first defend the $2,205–$2,172 support range before any sustained advance can develop.

Aiden also cautioned that a single green candle is not enough to confirm a trend reversal. Instead, traders should look for persistent buying pressure and a decisive recovery above $2,300. The distinction matters: large individual trades may simply reflect the strategies of specific wallets rather than a shift in overall market sentiment.

What Comes Next for ETH?

Ethereum's near-term direction hinges on whether buyers can hold the $2,205–$2,172 zone. Successfully defending that range would open the door to a push toward $2,300 and, subsequently, the $2,409 resistance. Additional whale purchases and exchange withdrawals would offer further insight into large-holder positioning.

Conversely, a breakdown below the support band would weaken the recovery scenario. For now, Ethereum whale accumulation is viewed as a constructive development for the market, but confirmation from price action is still needed before a genuine bull trend can emerge.

Disclaimer: This article contains market analysis and price projections. These are not guarantees. Crypto markets are volatile. Always do your own research (DYOR). This is not financial advice.