Now that the cryptocurrency market is bouncing back, large Ethereum holders – known as whales – are showing a strong renewed interest in ETH. They seem to be taking advantage of the recent price drop to buy more.
Ethereum’s price dropped by over 40% last week. Interestingly, data from Onchain Lens shows that large investors—often called ‘whales’ and institutions—pulled out a significant amount of ETH—around 186,168 ETH, valued at about $280 million—within a single day. These withdrawals happened on several major cryptocurrency exchanges like Kraken, Binance, and Gate.
When people move tokens off of exchanges and into their own personal wallets, it often indicates they’re planning to hold onto those assets, potentially increasing demand.
These large transactions naturally lead people to wonder if those making them have special knowledge, or if this is just a good time to buy. It’s also prompting debate about whether the price will go up from its current level.
CryptoQuant, a tool that tracks on-chain data, confirms this trend by showing a large drop in the amount of Ethereum held on cryptocurrency exchanges.
Over the past 24 hours, more than 219,000 ETH has left cryptocurrency exchanges, suggesting large investors (often called ‘whales’) are likely buying and holding the cryptocurrency.
Ethereum (ETH) price action and key levels to watch
As of today, Ether (ETH) has increased in price by 4.5% over the last 24 hours and is currently trading at $2,108.
Even though the price has gone up and some large investors seem to be buying, people are still reluctant to trade the token. This is shown by a 35% drop in trading volume, which now totals $34.35 billion.
Ethereum (ETH) has been trying to get back above the $2,180 price level, which it fell below on February 5th, 2026, as the overall market went down. It’s still unclear if it’s actually broken above that level, or if it’s just testing to see if it will hold.
As a crypto investor, I’m watching Ethereum closely. If the price can break and hold above $2,180, it could signal that the recent downturn is over and we might see a quick price jump. Basically, it’d be a good sign things are turning around.
However, if Ethereum doesn’t manage to break through this important price level and instead falls back down, we could see a quick drop, possibly down to around $1,550.
The Average Directional Index (ADX), which shows how strong a trend is, reached 49, indicating strong momentum for the cryptocurrency. This is above the important level of 25. At the same time, the Money Flow Index (MFI) increased significantly from 11 to 33.24, suggesting that buying activity was picking up after a period where the crypto was considered oversold.
Traders’ sentiment turns bullish!
Looking at the trading data, it appeared that day traders were also going with the general direction of the market.
Data from a recent analysis of the Ethereum exchange showed traders were using high leverage, creating potential for liquidations around $2,060.4 (for those betting the price would fall) and $2,135.4 (for those betting the price would rise). Approximately $247.67 million in long positions (bets the price would increase) and $189.54 million in short positions (bets the price would decrease) were particularly vulnerable at these price points.
Final Thoughts
- Ethereum exchange reserves declined by 219,203 ETH over the past 24 hours, indicating potential accumulation by whales and institutions.
- Price action suggested that a reversal may only be possible if ETH successfully reclaims the $2,180-level.
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2026-02-08 20:15