Ethereum’s price fell below the critical $2,800 support level, triggering significant whale buying activity as the asset hovers near $2,860. Data shows large entities accumulating over $235 million worth of ETH despite a prevailing bearish trend, while some panic sellers have realized losses. While on-chain signals indicate continued selling pressure, whale demand is establishing a potential support floor.
Ethereum breached the $2,800 support, dropping to a low of $2,787 before buyers stepped in. At the time of reporting, ETH traded at $2,863, down 2.63% for the day and extending a week-long decline.
Despite the continued weakness, major investors are accumulating. Onchain Lens reported a new wallet purchased 61,000 ETH worth $171 million from Binance. Another whale, identified by Lookonchain, bought 20,000 ETH for $56 million, bringing its five-day total to 70,013 ETH worth $203.6 million.
Furthermore, the World Liberty Financial team swapped $8 million worth of WBTC for 2,868 ETH. Exchange netflow data shows three consecutive days of outflows, with $2.69 billion in ETH leaving exchanges, signaling aggressive spot accumulation.
Simultaneously, panic selling persists among other holders. Lookonchain reported one whale sold 5,500 ETH for $16 million at a loss. A long-term dormant whale also deposited 50,000 ETH worth $145 million after nine years.
Technical indicators confirm the bearish momentum remains strong. Ethereum’s MACD has dropped to -51, indicating seller dominance, while its Relative Vigor Index sits at -0.3. This suggests a potential further drop toward $2,633. However, sustained whale demand at the $2,800 zone could provide a foundation for a move toward $3,070.
