Ethereum price hovers near key level as $111M whale sparks fresh accumulation

• Ethereum price was poised above the $2,150 level.
• Bulls were showing resilience as a whale re-accumulated $111 million worth of ETH.
• Another move above $2,000 could push prices towards the $2,500 resistance.

A mysterious Ethereum whale has re-emerged after lying dormant for seven months, and just deployed over $111 million in USDT to accumulate ETH.

The whale’s move came as the ETH price hovered above $2,170 amid a broader slip for cryptocurrencies early Thursday.

As Bitcoin revisited $70,000 support, Ethereum bounced off the crucial $2,150 level, with intraday volume up 39% at over $27 billion.

Ethereum whale spends $111 million to re-accumulate ETH

According to Lookonchain, a whale that exited Ethereum seven months ago as prices jumped towards $4,000 is back.

The mysterious holder has spent 111.62 million USDT to buy 50,706 ETH, executing this fresh buy at an average price of $2,201 per token.

On-chain data shows this purchase mirrors a sale exactly one year prior, when the same address offloaded 28,683 ETH at $3,892 each.

That sale netted $111.62 million, and a re-cumulation worth this exact value highlights a classic “buy-low, sell-high” move.

Waking up after seven months  also points to the whale’s positioning amid a potential rebound, and mirrors conviction buys by entities such as Bitmine.

The treasury firm, led by Fundstrat’s Tom Lee, recently bought 60,999 ETH worth over $140.3 million and currently holds 4,595,562 ETH worth over $10.5 billion.

ETH’s rebound above $2,000 coincided with the Ethereum Foundation depositing $7.88 million of the altcoin to Steakhouse, a DeFi asset manager with over a billion dollars in AUM.

The EF currently holds over $400 million of ETH.

Can ETH hold gains above $2,150?

Ethereum’s price rose to highs of $2,386 on Monday, riding a bullish flip that pushed Bitcoin to $76,000.

However, the current price hovers near $2,170, testing support amid Bitcoin’s fresh retest of support around $70,000.

As noted, top coins are retreating as risk assets grapple with global economic headwinds. Inflation and escalating Middle East tensions stand out as key short-term headwinds.

Meanwhile, the technical picture shows ETH hovering near a key support level on the daily chart.

The $2,100 mark currently acts as a pivotal support zone and aligns with a rising trendline.

Prices also track the 50-day exponential moving average, currently acting as resistance near $2,215. This is the hurdle bulls need to surmount for potential upside continuation.

If support holds firm above the aforementioned level, the next target remains $2,400-$2,500. Per the daily chart, the 100 EMA sits at the $2,500 mark.

A breakdown from current levels could allow bears to target $2,000 or lower. Cycle lows near $1,800 offer a robust demand reload zone.