Ethereum Whale Returns With $221 Million Buying Spree Amid Market Dip

Ethereum Whale bought 85,465 ETH worth $221M at an average price of $2,584.

Key resistance stands at $2,675, while support between $2,500–$2,575 remains vital for bulls.

ETH reclaimed a 5% futures premium after dipping 15% to $2,440, signaling renewed trader confidence.

Ethereum (ETH) is currently trading near $2,547, reflecting continued optimism from bullish traders. Despite recent fluctuations, ETH has managed to stay above $2,500, a psychologically important level. However, it now faces a critical challenge just below the $2,675 resistance zone, which has rejected multiple breakout attempts in recent weeks.

According to Lookonchain, whale address 0xd8d0, known for securing over $30 million in previous Ethereum profits, has once again made a bold move. The investor recently spent $37.15 million in USDC to purchase 15,000 ETH at a rate of $2,477, signaling strong bullish sentiment for Ethereum’s long-term prospects.

On-chain data shows that over the past week alone, the investor has deployed roughly $221 million in USDC to accumulate 85,465 ETH at an average price of $2,584 — a significant show of confidence in Ethereum’s future performance.

While retail investors panic-sell amid ongoing market uncertainty, this whale has gone on a buying spree, snapping up large ETH volumes from centralized players like Coinbase and Wintermute. In just eight hours, he acquired 48,825 ETH worth $127 million at an average price of $2,605.

Ethereum Consolidates Between $2,500 and $2,675

Despite failing to maintain its recent $2,880 peak, Ethereum has shown resilience near $2,450. Derivative data suggests growing confidence among traders. The Ether futures premium, which briefly turned negative after a sharp 15% drop to $2,440, has since recovered to a neutral 5%, signaling renewed optimism in support.

The ETH price is above the 200 EMA and 200 SMA, which are significant near-term support levels at approximately $2,575. The price has been moving within a narrow range between $2,500, the support level, and $2,675, the resistance level. Price has consolidated tightly between support at $2,500 and resistance at $2,675. Volume has slightly declined, and the flattening of the 50 and 100 moving averages indicates some uncertainty in the short-term market.

The price surging past $2,675, especially when accompanied by increasing volume, might indeed be the first step in the move, which could take the price to $2,850 – $3,000. Until that breakout occurs, Ethereum is likely to remain trapped in this narrow consolidation zone. The bulls must protect their $2,500–$2,575 support range to avoid a deeper fall towards $2,400.