Three recently established wallets spent 50.04 million DAI on 25,425 ETH at an average entry price of $1,968, completing the purchase in two hours. The buying lands as Ethereum tries to flip the 100-day EMA between $1,935 and $1,970, a level that has rejected multiple recovery attempts.
An enigmatic Ethereum whale surfaced on the network in just two hours and acquired over 25,400 ETH. On-chain data shows that three recently established wallets, which are generally thought to be part of the same organization, spent 50.04 million DAI to buy 25,425 ETH at an average entry price of $1,968.
Ethereum is trying to recover one of its biggest technical resistance levels in months, so the coordinated accumulation occurs at a crucial time. When new wallets make purchases of this size, it is usually a sign of institutional involvement or sophisticated investors creating new positions instead of redistributing holdings.
Ethereum trades right at the 100-day EMA
The true owner is still unknown, yet the timing indicates growing confidence that Ethereum may have established at least a medium-term bottom following its dramatic decline earlier this summer. Over the past few weeks, the technical picture has significantly improved.
Ethereum has steadily risen above both the 20-day and 50-day exponential moving averages since its June collapse. After months of continuous selling pressure, those shorter-term averages have now turned upward, indicating an improving market structure and growing momentum.
The current dynamic resistance is the 100-day EMA, which sits between $1,935 and $1,970. ETH is trading right around that level, indicating that buyers are trying to flip an area that has previously rejected multiple recovery attempts.
The 200-day EMA at $2,180 is the next barrier
A successful daily close above the moving average would strengthen the bullish argument and would probably draw more momentum traders into the market. The next barrier is located close to $2,180, where Ethereum’s longer-term downward trend is still defined by the declining 200-day EMA.
Momentum indicators also continue to be positive. The RSI has risen into the mid-60s without entering overbought territory, indicating that buyers can still push prices higher before momentum becomes overly stretched.
But despite the recent recovery, the broader market structure still encourages caution until that level is broken. Whether buyers can hold above the 100-day EMA will be decided over the next few trading sessions; if not, they would probably try to defend the current recovery as Ethereum retreats toward support around the 50-day EMA near $1,750.
Source: U.Today
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