Ethereum [ETH], the second-largest cryptocurrency by market capitalization globally, appears to be gaining attention from major players in the crypto industry as its value continues to decline.
Large Ethereum Holders Seize the Opportunity
A well-known cryptocurrency expert shared on X (formerly Twitter) on February 12, 2025, that whales had acquired a substantial 600,000 Ethereum (ETH) over the last week.
This significant ETH acquisition in recent times demonstrates how large holders are capitalizing on the recent price decrease, showcasing a prime example of a “Buy the Dip” opportunity.
Despite their consistent accumulation, whales have been observed offloading ETH tokens onto exchanges, as per reports from Coinglass.
Data from Spot Inflow/Outflow indicates that exchanges have seen a modest inflow of $10 million worth of ETH in the past 24 hours.
Inflows signify assets moving from long-term holders’ wallets to exchanges, which could lead to increased selling pressure. Nevertheless, the inflow volume is relatively low to have a substantial effect.
Traders’ Long Positions Total $201 million
Alongside this activity, intraday traders seem to be adopting a strategy similar to that of long-term holders. Currently, traders with long positions are over-leveraged at $2,567, with a total of $201.5 million in long positions.
In contrast, traders with short positions are over-leveraged at $2,635, with $60 million in short positions.
These over-leveraged positions held by intraday traders reflect their convictions, preferences, and optimistic sentiments. Notwithstanding the bullish outlook, ETH is presently priced around $2,630, having dropped by more than 3.25% in the past 24 hours.
During this timeframe, the participation of investors and traders has increased significantly, resulting in a 15% surge in trading volume.
Price Movements and Significant Levels for Ethereum
According to CryptoCrypto’s technical analysis, ETH seems to be shaping a descending triangle pattern on the four-hour chart.
It is currently trading within a tight range, hinting at a potential breakout soon.
Based on recent price movements and past trends, if ETH breaks out and closes a four-hour candle above $2,700, it might experience a 10% surge to touch $3,000.
Additionally, ETH is trading below the 200-day Exponential Moving Average (EMA) on the daily chart, signaling a downward trend.