$61.9M Ethereum Buy Sparks Speculation – Mystery Whale Turns $1M Profit Overnight
Ethereum is attempting to reclaim the $2,100 level as the broader cryptocurrency market experiences a modest wave of relief after weeks of volatility and sideways trading. While price action remains fragile, recent on-chain data suggests that large investors may be beginning to position themselves as the market searches for direction. Technically, Ethereum remains below its major moving averages, which continue to slope downward and signal that the broader trend has not yet fully reversed. The short-term moving average is currently positioned just above the price and is acting as immediate resistance, while the medium-term and long-term trend indicators remain significantly higher, reflecting the structural weakness that developed during the correction.Related Reading
The most aggressive move occurred in early February 2026, when Ethereum experienced a sharp sell-off that briefly pushed the price below the $2,000 level. The decline was accompanied by a strong spike in trading volume, suggesting liquidation activity and forced selling across the market.
Since that event, price action has begun to stabilize. Ethereum is now forming a consolidation structure between approximately $1,900 and $2,150 as buyers attempt to regain control of the short-term trend.
Reclaiming and holding above the $2,100–$2,150 zone could open the door for a broader recovery, while failure to break this resistance may keep Ethereum trapped in a sideways consolidation phase.
Featured image from ChatGPT, chart from TradingView.com
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