An early Ethereum holder executed a strategic position exit worth approximately $188.37 million before the latest market crash, according to on-chain tracker Lookonchain. The trader, identified as an 'Ethereum OG,' sold 60,000 ETH worth $117.25 million, 9,442 wstETH worth $24 million, and 600 WBTC worth $47.12 million at an average price near $2,040 for ETH-linked assets and $78,538 for Bitcoin. After the decline, the same trader rebuilt positions by acquiring 611 WBTC for $38.68 million at an average price of $63,280, along with 60,088 ETH worth $95.3 million and 10,000 wstETH worth $21.08 million at an average price near $1,606. The latest data from Onchain Lens confirms this same wallet has resumed accumulating again at current levels.
Ethereum gained nearly 5% over the past two days after plunging to the $1,600 region, though the rebound appeared more like a relief rally than a trend reversal. At press time, ETH traded near a key support area that previously marked a major cycle low before the rally toward $4,800. The token has shown volatility with prices fluctuating between ₹510,995.75 and ₹547,981.31 LKR in the past 24 hours, while maintaining a 24-hour trading volume of ₹124.46B with a fully diluted market capitalization of ₹64.65T LKR. Over the last 7 days, ETH has ranged from a low of ₹479,872.33 LKR to a high of ₹639,968.89 LKR, with the 24-hour trading range spanning from ₹510,995.75 to ₹547,981.31 LKR. The recovery faces resistance between the recent daily high near ₹547,981.31 LKR and former support zones above ₹639,968.89 LKR, where a break could place ₹758,970.03 LKR back in focus.
Despite signs of recovery, whale activity reflected mixed sentiment with notable traders taking opposing positions. According to Lookonchain data, pension-usdt.eth added another 10,000 ETH worth $16.8 million to a short position, bringing the total position to 60,000 ETH worth $101 million. The account has recorded 22 winning trades and more than $45 million in total profit, with the current trade sitting on a floating profit of 22.9%, equivalent to more than $7.7 million. However, not all large traders shared the bearish outlook, with the same Ethereum OG who previously sold both Bitcoin and Ethereum before the crash now resuming accumulation at current levels. Analyst Ali Martinez noted that the TD Sequential indicator has produced a buy signal for Ethereum, while analyst CW reported that Coinbase whales are placing short-term sell walls above the price.
Despite the recovery, significant downside risks remain as more than $2 billion in leveraged long positions remain clustered below current ETH prices between $1,400 and $1,600, according to CoinGlass. Such liquidity zones often attract price action, increasing the possibility of another move lower before a sustained recovery attempt. The decline followed a breakdown from a rising channel, with the Cumulative Volume Delta (CVD) reflecting aggressive selling pressure and MACD bars remaining deeply negative. However, their fading intensity hinted that bearish momentum might be losing strength. If buying activity continues to strengthen, ETH could begin building a recovery from current levels, though continued whale shorting and the large liquidity cluster below the price could pull the altcoin lower.
