Key takeaways
- ETH has dipped 1.5% and is trading above $3,500 per coin.
- This resilient performance coincides with whales accelerating their buying activity.
Whales Accumulate Ethereum
Ether, the second-largest cryptocurrency by market capitalization, is trading above $3,500 after defending a low near $3,300 on Wednesday. Although the token is down about 1.5% over the past 24 hours, short-term upside remains possible.
The modest recovery aligns with significant buying from a major Ethereum whale that has added more than $1.38 billion worth of ETH to its wallet over the last ten days. According to Arkham Intelligence, the whale purchased an additional one million in ETH and also borrowed $270 million from the decentralized lending platform Aave, potentially to increase its ETH exposure.
That address now shows 228.39K ETH in loaned positions valued at approximately $818.6 million and 157.32K ETH in direct spot holdings valued at roughly $563.8 million. Other on-chain analytics services report similar bullish activity among large Ethereum holders.
Ether Eyes $3,900 Despite Choppy Market Conditions
The ETH/USD 4-hour chart remains biased to the downside after Ether fell about 1.5% in the last day. The market saw over $153 million in liquidations across the previous 48 hours, led by $122.8 million in long liquidations.
The pullback followed a rejection at the 200-day exponential moving average (EMA), just below the $3,660 resistance level, on Wednesday. The token dipped toward support around $3,470 but has since rebounded and is trading above $3,500 per coin.
If ETH sustains its recovery above $3,470, it could push higher toward the $3,900 mark. Near-term resistance around $3,660 may present a challenge. Conversely, failure to clear $3,660 could force another retest of $3,470, with further support near $3,100.
The Relative Strength Index (RSI) sits at 51, indicating a cooling bearish momentum. The MACD line remains below the neutral zone but could cross into bullish territory if the recovery continues.