Ethereum has endured a turbulent period, sliding to a 14-month low near $1,500 after a sharp market downturn. On Friday the asset was among the weakest performers, extending losses that began with the wider correction.
Amid recent FUD on X suggesting that ConsenSys co-founder Joseph Lubin might be selling, there are a few constructive signs for Ethereum — from technical indicators to notable on-chain buyers.
The Technical Setup
ETH traded above $2,400 in mid-May when many cryptocurrencies were hitting multi-month highs. A subsequent rejection triggered a steep decline, culminating in the recent crash. That roughly $900 drop—almost a 40% fall—put the token at levels not seen in over a year.
Despite the sell-off, some technical signals point to the potential for a rebound. One such tool, the TD Sequential indicator, which is used to identify possible exhaustion points in price moves, has generated a buy signal on the daily chart, according to market analyst Ali Martinez.
Another notable setup is ETH versus BTC. Ethereum has fallen hard against Bitcoin, reaching around 0.026 BTC during the market-wide slump. Analyst Michaël van de Poppe has suggested that accumulation at these levels could be a prudent approach. He reasons that short-term yields may be peaking and that an upcoming CLARITY Act vote could create a “sell the rumor, buy the news” catalyst.
Who Is Buying?
On-chain data show different types of participants accumulating ETH during the dip. One long-time Ethereum whale who previously sold above $2,000 has returned and reportedly bought approximately $56 million worth of ETH at prices below $1,570 per token. Another buyer is a wallet linked to Chun Wang, which has accumulated more than $28.5 million worth of ETH, according to Lookonchain data.
An especially curious buyer is the anonymous actor behind the Pando Rings exploit. That wallet reportedly spent 10 million DAI to acquire about 6,234 ETH at roughly $1,602 per token. The incident highlights how even unconventional actors are taking positions amid the downturn.
Taken together, the emerging buy signals, ETH’s relative weakness to Bitcoin, and visible on-chain accumulation by distinct wallets suggest that some market participants view current prices as an attractive entry point. While risks remain in a volatile market, these technical and on-chain developments give traders and investors specific factors to watch as conditions evolve.