Whale Buys $39 Million ETH as Price Hovers Near $2,100 Support

Ethereum is currently at a pivotal juncture as significant investors capitalize on the market dip, with a whale recently acquiring $39 million worth of ETH. This substantial purchase has raised the address's total holdings to over 132,000 ETH, valued at approximately $300 million. The move comes as Ethereum's price hovers near the critical $2,100 support level, which has proven to be a key demand area in recent weeks.

While retail traders exhibit signs of panic, large-scale investors are aggressively entering the market. This behavior suggests a potential trend reversal, as whales are strategically accumulating ETH at the current support level. Analysts are closely monitoring whether bulls can reclaim the $2,350 mark to confirm a short-term recovery trend. If Ethereum fails to hold above $2,100 and retest the $2,350 range, it may face further declines, potentially retesting the $1,870 region, which marked the start of the previous bullish move in May.

On-chain signals indicate that Ethereum may be entering an accumulation phase, with recent price behavior suggesting possible manipulation followed by capitulation. This scenario could set the stage for a new rally if buyers maintain control above $2,100 and convert $2,350 into a solid support zone. The next few daily candles will provide clarity on whether Ethereum will continue its recovery or break down further. The market is now focused on whether Ethereum can hold support or revisit earlier lows, with the $2,350 level likely to determine the direction of ETH's next significant move.