Large institutional buyers accumulated over 58,000 Ethereum (ETH) during its recent price decline, according to on-chain data. An OTC whale purchased 33,000 ETH in one day, while wallets linked to DBS added nearly 25,000 ETH at an average price near $2,463. This off-market accumulation, occurring as ETH dipped below $2,300, helped establish a demand base that is now supporting a price recovery within a broader descending channel.
Large off-market buyers aggressively absorbed Ethereum supply during its recent decline. An OTC whale accumulated 33,000 ETH in a single day, while DBS-linked wallets added nearly 25,000 ETH within a week.
These purchases occurred as ETH dipped below $2,300, not after a breakout. The flows stayed largely off-exchange, with spot inflows not spiking during the decline.
Ethereum continues to trade within a well-defined descending channel on the daily chart. Buyers quickly absorbed selling pressure after the price swept the $2,261 support level.
Immediate resistance lies near $2,797, a former consolidation area. Above that, $3,404 marks the upper boundary of the channel.
Binance top traders continue to favor the long side even after the sharp pullback. Long accounts currently account for 77.46%, pushing the long-to-short ratio to roughly 3.44.
Funding Rates have recovered alongside Ethereum’s price rebound. At the time of writing, rates sat around 0.009191, having risen by over 104% from recent lows.
Open Interest stood near $13.4 billion, up more than 4% on the day. This increase confirms new positions entering as the price stabilizes.
Based on current metrics, Ethereum appears to be building a base rather than staging a short-lived bounce. The recovery’s durability now hinges on whether confidence holds as ETH tests overhead resistance zones.
