Ethereum Whales Step In: $33M ETH Withdrawn From Exchanges In Hours
Ethereum has reclaimed the $2,300 level as renewed buying activity begins to emerge across the market following months of persistent downward pressure. The recovery marks an important shift in short-term sentiment, with traders increasingly pointing to strengthening momentum as buyers attempt to regain control after a prolonged corrective phase. That sharp selloff triggered a clear capitulation event, visible in the large volume spike accompanying the decline. Since then, Ethereum has formed a short-term recovery structure, climbing back above $2,000 and gradually approaching the $2,300–$2,400 zone, which now acts as a major technical resistance level.Related Reading
From a structural perspective, ETH remains in a medium-term consolidation phase. Price is still trading below the longer-term 200-week moving average, which currently sits above the market and continues to slope downward. This indicates that while short-term momentum has improved, the broader trend has not yet fully transitioned back to bullish territory.
At the same time, Ethereum has reclaimed the shorter-term moving averages, suggesting that buying pressure is returning after months of distribution and market weakness. If buyers manage to sustain price above the $2,300 region, the next resistance areas could emerge near $2,700 and $3,100, where previous consolidation zones and moving averages converge.
Failure to hold this level, however, could lead to renewed consolidation between $2,000 and $2,300 as the market continues searching for direction.
Featured image from ChatGPT, chart from TradingView.com
About Author
