Ethereum price fell as low as $2,640 on Monday Feb 17, down 8% within the two-week timeframe. Whale Wallets have capitalized on the falling price to add over $2.5 billion to their balances in two-week buying spree which began on Feb 3.
Ethereum (ETH) Enters 14-Day Consolidation Below $2,800 Resistance
Ethereum (ETH) has faced notable selling pressure over the past two weeks, struggling to regain bullish momentum amid counteracting market signals.
While macroeconomic uncertainty and regulatory scrutiny have weighed on investor sentiment, ETH’s price action also reflects a broader shift in market structure.
ETH/USD daily price action data shows that Ethereum has been in a downward trajectory since Feb. 3, losing 8% within a 14-day window.
The second-largest cryptocurrency by market capitalization briefly tested a monthly low of $2,524 on Feb. 9 before staging a mild recovery.
However, despite intermittent rebounds, ETH has failed to reclaim the critical $2,800 resistance level, consolidating around the $2,700 mark as of Feb. 17.
This period of extended consolidation suggests a deadlock between bulls and bears as they battle to establish a clear directional bias.
Ethereum (ETH) Price Action, Feb 17, 2025
The lack of a definitive breakout underscores investor hesitation, with market participants awaiting a catalyst to drive the next major move.
One of the primary headwinds for Ethereum has been the growing skepticism surrounding network updates, particularly concerns over ETH supply inflation following the Dencun upgrade. Critics argue that Ethereum’s evolving monetary policy could erode its store-of-value proposition, deterring long-term holders.
However, countering this bearish sentiment, U.S. regulatory developments have offered a bullish counterbalance. Recent optimism surrounding potential ETF approvals for major altcoins, including Ethereum, has rekindled institutional interest in ETH, softening the downside risks.
While ETH price action remains subdued in the short term, a sustained break above the $2,800 resistance could signal renewed bullish momentum. Conversely, failure to defend support at $2,640 may leave ETH vulnerable to a retest of the $2,500 level, a critical psychological threshold for traders.
Crypto Whales Have Acquired ETH Worth $2.5B Since Market Dip Began on Feb. 3
Despite Ethereum’s recent price stagnation, large-scale investors appear to be positioning for a long-term bullish scenario. On-chain data indicates that whale accumulation has intensified over the past two weeks, suggesting that deep-pocketed players view the current price weakness as a strategic buying opportunity.
IntoTheBlock’s Large Holder Netflow chart below highlights a sustained accumulation phase by Ethereum’s largest whale addresses. This metric tracks the net balance changes in wallets holding at least 0.1% of ETH’s total circulating supply, offering real-time insights into whale activity during key market phases.
Ethereum Large Holder Netflow (ETHUSD)
According to the latest data, Ethereum’s largest holders have maintained positive net inflows for 14 consecutive days since Feb. 3. During this accumulation spree, these whale wallets have acquired a total of 918,506 ETH, valued at approximately $2.5 billion based on current market prices. This level of sustained buying activity reflects growing confidence among Ethereum’s biggest stakeholders, despite the broader market turbulence.
The increase in whale balances suggests that institutional and high-net-worth investors remain committed to Ethereum’s long-term value proposition. Historically, similar periods of accumulation have preceded major price recoveries, as concentrated buying pressure from whales often precedes broader market rallies. If this trend continues, Ethereum could see renewed upside momentum once macroeconomic uncertainty subsides.
More so, growing optimism around altcoin ETF approvals could create a supply squeeze in the coming months. With whales accumulating ETH at current levels, a potential supply crunch could drive prices higher, setting the stage for Ethereum to reclaim key resistance zones above $2,800.
Ethereum Price Forecast: Rebound Hopes Alive if $2,620 Support Holds
Ethereum price forecast charts show that ETH remains locked in consolidation amid persistent selling pressure and macroeconomic uncertainty. The ETH has been trading in a tight range between $2,640 and $2,800 for the past 13 days, reflecting a stalemate between bulls and bears. The Donchian Channel highlights the upper resistance at $2,794 and the lower boundary at $2,152, suggesting Ethereum remains in a downtrend following the sharp decline in early February.
Ethereum Price Forecast
ETH’s failure to break past $2,800 resistance keeps downside risks intact, with the Relative Strength Index (RSI) at 42.39 signaling weak momentum. The RSI’s downward trajectory, remaining below the 50-neutral mark, indicates that bears maintain control. A move below the $2,640 support could intensify selling pressure, exposing Ethereum to a retest of the $2,500 psychological level.
Conversely, a breakout above $2,800 could trigger renewed bullish interest, targeting the mid-January resistance at $3,437. However, given the ongoing market indecision and recent whale accumulation, ETH is likely to remain range-bound unless a catalyst emerges. Traders should watch for a definitive move above $2,800 or a breakdown below $2,640 for Ethereum’s next directional move.
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