Ethereum Whales Accumulate 190,000 ETH Amidst Market Fear

Ethereum whales have added 190,000 ETH to their holdings in the last 24 hours, continuing a trend of accumulation that has been ongoing for the past month. This significant increase in whale activity comes amidst a backdrop of intense fear in the crypto market, with many analysts speculating about a prolonged bear market. Ethereum, one of the hardest-hit assets, has experienced a massive decline of over 27% in less than five days, fueling uncertainty about its short-term direction.

Despite the widespread panic, large investors appear to be taking advantage of the dip. Historically, such accumulation phases by big players have preceded strong reversals, indicating that smart money might be betting on an eventual rebound. While selling pressure remains high, this whale activity could provide a foundation for ETH to stabilize and regain lost ground. However, for a bullish recovery to take shape, Ethereum needs to reclaim crucial levels above $2,500 in the coming days.

Ethereum is trading slightly above the most critical support level since December 2023, a price zone that could determine its short-term direction. Bulls must hold this level to prevent further declines and initiate a recovery phase, but selling pressure remains strong. Analysts are divided, with some expecting a prolonged bear market while others see potential for a rebound.

Ethereum is trading at $2,220 after reaching its lowest level since late November 2023. The recent sell-off has pushed ETH below critical support zones, and bulls are struggling to regain control. The price is now below the 200-week exponential moving average (EMA) at around $2,290 and the 200-week moving average (MA) at around $2,480, signaling a bearish outlook unless a strong recovery takes place soon.

For Ethereum to regain momentum, bulls must reclaim the $2,500 level in the coming days. A breakout above this level would signal renewed strength, potentially leading to a massive recovery rally as traders regain confidence. However, ETH remains under pressure, and failing to reclaim the $2,300 mark could confirm further declines. If this scenario unfolds, Ethereum could face a deeper correction toward the $2,000 psychological support, or even lower, depending on market sentiment.

The next