Ethereum (ETH) Bounces 2.65% as Renewed Whale Activity Signals Growing Confidence

On-Chain Data Reveals Whale Confidence at the $1630 Level as the cryptocurrency market witnessed a bullish turnaround.

The second-largest cryptocurrency, Ethereum (ETH), experienced a 2.65% increase on Monday, bringing its price to $1,634. This surge can be attributed to a reduction in market uncertainty surrounding the threat of U.S. reciprocal tariffs, which had previously induced selling pressure on the cryptocurrency market.

However, despite the market momentum yet to confirm a trend reversal and the possibility of further downside remaining, the increasing ETH accumulation from whales signals an early sign of bottom formation and bullish resurgence.

Last week saw a bullish turnaround in the cryptocurrency market as U.S. President Donald Trump announced a 90-day suspension on reciprocal tariffs on over 75 countries. This announcement follows a prolonged period of market uncertainty and selling pressure, which had pushed crypto prices to yearly lows in December 2024.

In response to this development, the ETH price bounced from a $1,411 low to currently trade at $1,630, registering a 15.53% growth. According to the latest on-chain data from Lookonchain, this recovery is being fueled by renewed whale activity, signaling growing confidence in the current price levels and an opportunity for a stronger rally.

At the $1,630 level, a high-net-worth entity deposited $6 million worth of USDC into the decentralized perpetuals exchange Hyperliquid, opening a 5x leveraged long on ETH. This move suggests strong bullish conviction at current price levels, while the broader market is yet to confirm trend reversal broader.

Simultaneously, another aggressive whale maneuver was spotted involving 15,953 ETH—valued at $26.16 million—withdrawn from OKX by a cluster of six wallets, which Lookonchain suspects belong to a single institutional player. These funds were redirected to Aave, a decentralized lending platform, to borrow $15.4 million USDT and swiftly redeposit into OKX, potentially to buy more ETH.

The daily chart analysis of the Ethereum price shows a long wick rejection candle at the combined resistance of a downsloping trendline and 20-day EMA. Since late December 2024, the coin price has struggled to sustain itself above the dynamic resistance of the EMA slope, as the previous reversal led to accelerated selling pressure and a prolonged downfall.

Therefore, if the overall selling pressure persists, the ETH price would likely plunge 18% and test the support trendline of the wedge pattern at $1,314. However, the current price structure suggests Ethereum is nearing the apex of this wedge — a point historically known to precede breakout moves.

If the coin price breaks overhead resistance with a daily candle, the buyers could drive a 35% rally, propelling ETH toward the multi-month resistance level of around $2,000.

The aforementioned level is a crucial pivot point for Ethereum, as it can trigger a renewed recovery trend or extend the correction fall.

Canada’s Solana Spot ETF Approval Fuels SOL Recovery For $200 Breakout