Ethereum whales buy 7,788 ETH under $2.3k as momentum stays weak

Ethereum whale activity remains in focus as whale accumulation picks up: four large wallets bought 7,788 ETH (about $17.67M) while ETH traded below $2.3k. The buys came at discounted levels, including wallets that returned after 1+ years of inactivity and a holder adding 1,500 ETH with reported unrealized profit. On-chain monitoring referenced Lookonchain, Onchain Lens, CryptoQuant and exchange data. Traders are watching for a demand “wall” near $2.3k. Exchange Netflow fell to -18.7k ETH, suggesting spot accumulation. However, the rebound attempt was rejected around $2,382 four days ago, and price action has printed lower lows. Technical signals also look mixed-to-weak: the Stochastic Momentum Index (SMI) dropped to -28, pointing to persistent sell-side pressure. CryptoQuant’s Ethereum Supply Ratio (ESR) rose to 0.126 (monthly high), implying whale accumulation has not yet absorbed broader selling. Tactical outlook: ETH is likely to range between $2.2k and $2.3k near-term. A bullish trigger is a break and acceptance above $2.4k; if whale bids absorb selling, the next upside target highlighted is around $2,536. Otherwise, traders may see continued consolidation toward $2.3k support.