Ethereum News Today: Whales Stake $9.4M on Ethereum as $1,800 Debate Deepens

Ethereum's price action has sparked renewed debate among analysts, with technical indicators suggesting a potential "$1,800 buy zone" amid a multi-year structural setup. However, derivatives activity and on-chain data reveal a more nuanced narrative, highlighting both caution and optimism in the market. The cryptocurrency, which recently traded near $3,500, is navigating a complex landscape shaped by institutional moves, DeFi innovation, and whale behavior according to analysis.

Technical analysts have identified key support and resistance levels that could dictate Ethereum's near-term trajectory. On the 4-hour chart, ETH is oscillating within a descending channel, with immediate support at $3,300–$3,330. A break below this level could trigger aggressive selling, while a rebound to the $3,500 pivot zone may signal a short-term stabilization. Longer-term, the $3,500–$3,800 range remains critical, with a sustained break above $3,700 potentially reinforcing a broader rebound. These levels align with broader bullish expectations, though traders are advised to monitor volume and volatility as key confirmatory signals.

Meanwhile, on-chain activity underscores Ethereum's enduring appeal to high-net-worth investors. A major whale recently borrowed $9.41 million to purchase 1,760 ETH at an average price of $3,141, signaling confidence in the asset's value proposition. The entity, which holds over $68 million in ETH and $60 million in USDT, appears to be strategically accumulating liquidity amid market swings. Such behavior suggests a belief that Ethereum's price is poised to recover from current levels, despite broader market uncertainty.

The DeFi sector is also contributing to Ethereum's narrative. Mutuum Finance (MUTM), a decentralized lending protocol built on Ethereum, has raised $18.7 million in presale funding and attracted over 18,000 token holders. The project's token price surged 250% from $0.01 in early 2025 to $0.035 in its current Phase 6, which is now 99% allocated. With its V1 protocol slated for a Q4 2025 testnet launch, Mutuum's dual-lending model-enabling users to supply assets for yield or borrow against collateral-has positioned it as a key player in Ethereum's expanding ecosystem as the project nears 99% allocation.

Institutional interest remains robust, with Ethereum treasury companies like Intchains Group and Bitmine making strategic moves. Intchains recently acquired a proof-of-stake (PoS) technology platform for $1.3 million to expand staking services on blockchains including Ethereum and Avalanche. Bitmine, now the largest corporate ETH holder with over 3.5 million tokens (worth $11 billion), appointed Chi Tsang as its new CEO and added three board members to bolster its transition from a mining firm to a digital asset treasury. The firm's chairman, Tom Lee, emphasized its role as a bridge between traditional finance and Ethereum's "supercycle" ecosystem in a recent statement.

While technical indicators and derivatives activity suggest a potential $1,800 support level, the interplay of institutional and retail confidence in Ethereum's infrastructure may drive a different outcome. As DeFi innovation and treasury strategies evolve, the market's focus is shifting from short-term volatility to Ethereum's long-term utility and adoption.