Ethereum rebounds as whales absorb supply – Can ETH defend $2.2K?
Ethereum (ETH) rebounded from a dip below $2,300 as large off-market buyers, including an OTC whale and DBS-linked wallets, aggressively absorbed supply, accumulating significant amounts of ETH. This accumulation occurred during the decline, indicating a willingness to take on downside risk and suggesting medium-term positioning rather than short-term trading. Despite trading within a descending channel, ETH found support at $2,261, with buyers preventing a deeper breakdown. Key resistance levels are identified at $2,797 and $3,404. The RSI indicated oversold conditions, but has begun recovering. Binance top traders maintained a strong net-long bias, and funding rates rebounded significantly, showing leverage repositioning. Current metrics suggest Ethereum is building a base for stabilization rather than a short-lived bounce, with holding $2,261 critical for further upside.
ambcrypto02/03 14:02