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Ethereum has experienced a keen rebound, falling more than 13% since Monday and raising concerns among investors who had expected a breakout. This sudden pullback, which brought ETH down to $2,380 on Friday, created a sense of anxiety in the market, leaving many to question the strength of its recent rally. However, on-chain data from Santiment reveals an intriguing development – Ethereum whale activity surged to a six-week high just as the price dropped.
This surge in vast trades suggests potential accumulation by whales, which is often seen as a bullish signal when it occurs near key support levels. Historically, hefty whale purchases during downturns indicate confidence in future economic recovery, as these vast holders tend to seek out undervalued, high-potential assets.
The next few days will be critical for Ethereum as investors wait for signs of stabilization or further decline. A solid hold above recent lows may set the stage for a rebound, while failure to maintain support may strengthen bearish sentiment. For now, all eyes are focused on Ethereum’s price movements, as well as the behavior of whales, which may provide insight into Ethereum’s development direction in the near term.
Ethereum getting ready for a rally?
Despite the recent retracement in Ethereum prices, sentiment among investors and analysts will remain hopeful in the near future. According to key data from the Santiment cryptocurrency analysis platformwhale activity on Ethereum hit a six-week high, with the price falling to $2,380 on Friday.
Historically, such an raise in the activity of whales – vast stakeholders with significant capital – signals accumulation. When whales start to cluster, it is often a sign of renewed confidence, suggesting that key players see long-term value at current prices.
While an immediate price recovery is not guaranteed, this trend is encouraging. Major phases of accumulation typically occur during periods of price weakness or prolonged consolidation, laying the groundwork for a potential move higher.
Ethereum price action has been lackluster in recent months, with ETH struggling to break out despite occasional bullish sentiment. Some analysts suggest that this may be due to the high dynamics of accumulation by institutional investors or “smart money” investors who gradually raise their investments during periods of tender dynamics.
As whales raise their activity, this is a potential sign that Ethereum is preparing for a stronger move once accumulation ends. With support from large-cap stakeholders, Ethereum’s price could ultimately reflect this renewed confidence.
For now, investors are closely watching for consolidation near key support levels that could provide a basis for a breakout. If whale accumulation continues in the coming weeks, this could result in increased momentum, confirming the long-term hopeful outlook shared by many analysts and investors.
ETH price action
Ethereum is currently trading at $2,466 after pulling back from $2,550, indicating a struggle to maintain bullish momentum. This pullback has brought ETH closer to recent local lows, but remains sideways, maintaining a slightly bullish outlook as it holds above key support areas.

For Ethereum bulls to regain control, a rally above $2,550 is critical. A break of this level would signal renewed strength and allow ETH to reach its target 200-day exponential moving average (EMA) of $2,783. Reaching this level would represent a fresh local high, potentially strengthening bullish sentiment among investors.
However, if the Ethereum price does not raise in the coming days, the probability of consolidation extending or even a deeper correction increases. Such a scenario would likely introduce additional bearish pressure, with ETH potentially returning to previous support levels as investors reassess the market direction.
For now, Ethereum price action is subtly balanced, with the $2,550 level and 200-day EMA representing key milestones for bulls looking to maintain the uptrend in the near future.
Featured image from Dall-E, chart from TradingView