Ethereum is finding stability above the $4,200 mark after experiencing significant volatility and substantial selling pressure. Recently, ETH retreated from local highs around $4,800, prompting bulls to urgently defend key demand zones. Early indicators suggest that momentum may be shifting back toward buyers, as selling pressure in the market starts to diminish.
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This stabilization arrives as altcoins gear up for what could be a pivotal upcoming period. Market sentiment is slowly becoming more optimistic, bolstered by improving technical indicators and renewed accumulation patterns. Analysts note that if Ethereum can maintain current support levels, it may lay the foundation for another attempt to retest the $4,800 level, and possibly new all-time highs.
Adding to the bullish outlook, Arkham Intelligence disclosed that a whale or institutional investor has just taken a long position worth approximately $300 million in ETH on-chain. This massive leveraged bet highlights confidence in Ethereum’s medium-term prospects, despite recent fluctuations. Such moves from large investors often indicate strong conviction and can serve as catalysts for renewed market strength.
Ethereum Whale Bet Sparks Speculation
According to Arkham Intelligence, a whale known as address 0x2eA has executed one of the boldest bets in Ethereum’s recent history. This address longed a total of $282 million in ETH across three separate accounts on Hyperliquid, with tightly set liquidation prices at $3,699, $3,700, and $3,732. This aggressive positioning suggests a strong belief that Ethereum’s recent correction may have already hit the bottom. Arkham posed the question: Did he just catch the bottom?
The upcoming days are anticipated to be highly volatile, as futures markets gain momentum and traders brace for significant movements. With ETH consolidating around the $4,200 support level, the whale’s position could either yield massive profits if the market rises or lead to swift losses should bearish sentiments escalate. Such concentrated bets often ignite speculation and liquidity in derivatives markets.
Meanwhile, institutional adoption continues to bolster Ethereum’s long-term outlook. Companies like Sharplink Gaming and Bitmine have begun implementing treasury strategies that involve ETH allocations, joining a growing list of firms treating Ethereum as a strategic reserve asset. This accumulation trend, combined with major whale bets, highlights the increasing demand dynamics supporting ETH.
If bullish momentum accelerates, Ethereum could soon try to retest its all-time high near $4,800, possibly leading into uncharted price territory. For now, the whale’s move acts as a bold signal of confidence, setting the stage for Ethereum’s next significant market evolution.
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Weekly Price Chart Analysis: Healthy Consolidation
Ethereum’s weekly chart reveals a significant surge followed by a pullback, as price action tests support levels close to $4,200. After reaching highs near $4,800, ETH encountered substantial selling pressure, yet the overarching trend remains bullish. The chart shows pronounced momentum since June, with Ethereum surpassing key resistance zones and reclaiming values not observed since early 2022.
At present, ETH is consolidating above the 50-week and 100-week moving averages, which are trending upward, reinforcing the overall bullish setup. The 200-week moving average lies significantly lower, at $2,443, illustrating how extensive the movement has been. Ethereum continues to maintain its position above the breakout zone, indicating that bulls are still in control.
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This pullback may provide a necessary cooling-off period following weeks of aggressive purchasing. If Ethereum can stabilize above $4,200, it may seek another advancement toward the $4,800–$5,000 resistance area. A breakthrough above that region would pave the way for new all-time highs and potential price discovery. Conversely, a drop below $4,000 would elevate the risk of a deeper correction toward $3,600.
Featured image from Dall-E, chart from TradingView
