Ethereum whales have resumed aggressive accumulation as large wallets withdraw over $12.5 million in ETH and redeploy fresh capital into leveraged positions.
Lookonchain data showed one whale withdrawing 6,114 ETH worth $12.52 million from OKX and depositing it into Aave. That movement reflects strategic capital rotation rather than distribution pressure.
In addition, two dormant addresses reactivated after three months and spent $10.93 million to acquire 5,350 ETH at $2,043. This synchronized behavior signals coordinated conviction among large participants.
Meanwhile, Machi increased his 25x leveraged ETH long after depositing another $250K USDC into HyperLiquid.
However, his six-month PnL shows a swing from $44.8M profit to a $29.23M loss, highlighting high-risk positioning despite prior drawdowns.
Can Ethereum escape its descending channel?
Ethereum [ETH] continued trading inside a defined descending channel on the daily timeframe. Price recently tapped the lower boundary near $1,800 and reacted strongly.
Buyers defended that structural zone decisively. However, the upper trendline still caps upside attempts near the $2,200–$2,300 region.
The $2,261 level now stands as immediate resistance, while $2,797 remains a major overhead barrier. Meanwhile, the rebound from $1,800 has only retraced part of February’s sharp decline.
Therefore, bulls must push beyond $2,261 with sustained strength to weaken the broader bearish structure. Until that occurs, the channel framework continues guiding price behavior.
Momentum indicators now reflect a gradual recovery instead of aggressive expansion. The RSI currently reads 44.74, while its signal line stands near 37.95.
This positioning shows improvement from oversold conditions earlier in February. However, RSI remains below the 50 midline, which limits bullish confirmation.
Buyers have strengthened the short-term structure, yet they have not seized control fully. Additionally, RSI has not entered overbought territory, which reduces immediate exhaustion risk.
This configuration suggests consolidation may continue above $2,000. If RSI pushes above 50 and sustains higher readings, upside pressure could intensify meaningfully.
Open interest expands as leverage builds
Derivatives positioning has increased alongside renewed whale participation. Open Interest has risen 6.39% to $25.82B, signaling fresh capital entering futures markets.
When Open Interest expands while price stabilizes, traders often anticipate directional continuation. However, rising leverage also increases liquidation sensitivity.
If price fails near channel resistance, crowded longs could face pressure quickly. On the other hand, sustained strength above $2,261 could force short liquidations and accelerate upside volatility.
Therefore, the expanding Open Interest introduces a dual-edged dynamic. The next structural break will likely determine whether leverage amplifies gains or intensifies downside swings.
Why top traders maintain a long bias
Positioning data showed Binance top traders holding a 1.72 long/short ratio. Long accounts represent 63.17%, while short accounts stand at 36.83%.
This skew reflects persistent bullish exposure among experienced participants.
Despite recent volatility, these traders continue to favor upside positioning. This behavior aligns with whale accumulation and expanding Open Interest.
However, concentrated long exposure can create vulnerability if resistance holds firmly. Liquidity often builds around crowded trades.
If Ethereum clears $2,261 decisively, long positioning may fuel continuation. Yet if price revisits $1,800, leveraged bulls could face rapid unwinds.
To sum up, whale accumulation and leveraged expansion now define Ethereum’s recovery phase. However, the descending channel still frames a broader structure.
If buyers reclaim $2,261 with strength, upside continuation could accelerate. Until that break occurs, expanding leverage and heavy long bias may amplify volatility in either direction.
Final Summary
- Whales withdrew over $12.5M in ETH from OKX and redeployed capital into Aave, signaling accumulation.
- Two dormant wallets reactivated and bought 5,350 ETH worth $10.93M near $2,043.
