Ethereum is clinging to a key support zone between $1.88K and $1.91K after sellers rejected a push toward the $2K–$2.15K resistance area. The broader bearish structure remains intact, but data shows whale-sized participants have been quietly buying spot — a pattern that historically signals long-term positioning rather than a quick flip.
Whale activity picks up
The Spot Average Order Flow metric reveals that large spot orders from whale-sized participants have become increasingly active during Ethereum's recent recovery. That's notable because ETH is trading relatively close to its yearly lows. The behavior looks more like accumulation than aggressive distribution. In the past, similar patterns near depressed price levels have reflected larger players building exposure for the longer haul — not chasing a short-term pop.
That doesn't guarantee an immediate trend reversal. But it does suggest that some of the biggest wallets in the market are gradually adding size while retail sentiment stays cautious.
Key levels to watch
On the daily chart, buyers recovered strongly from June lows but got rejected near the 100-day moving average — a level that reinforces selling pressure inside the $2K–$2.15K resistance zone. The recent pullback brought ETH back to the $1.88K–$1.91K support, which is the first line of defense for bulls.
Holding above that zone could set up another attempt toward the $2K–$2.15K region. Losing it, though, would expose the next demand zone around $1.75K–$1.8K. A deeper correction could eventually stretch toward stronger support near $1.56K–$1.65K.
Short-term setup tightens
On the 4-hour chart, Ethereum is consolidating inside a narrowing range. An ascending trendline provides dynamic support, while a descending trendline caps upside. A breakdown below the ascending trendline would invalidate the series of higher lows and likely trigger a decline toward the $1.75K–$1.8K demand zone. A decisive breakout above the yellow descending trendline and nearby supply zone would improve the short-term outlook and increase the odds of another run at the major daily resistance.
For now, the market is waiting. The whale accumulation is a signal worth watching, but the price action still needs to prove it can clear the 100-day MA before the bearish structure gets challenged in a meaningful way.
