Ethereum’s recent rebound attracted institutional and whale attention, with several large holders moving ETH to exchanges after the rally. The activity followed ETH’s sharp move higher after the Bank of Japan’s 25 basis point rate hike.

That behavior raised questions over whether large players expected near-term downside or were simply rotating capital after gains.

Crypto transaction tracker Onchain Lens reported on X that BlackRock deposited 36,579 ETH, worth about $108.4 million, into Coinbase over the past 24 hours.

The post also showed that BitMEX Co-Founder Arthur Hayes sent 680 ETH, valued near $2.03 million, to Binance, a move often associated with potential selling.

Whale activity often draws attention because large transfers can influence short-term price direction. Traders frequently track these wallets for clues around sentiment shifts or liquidity needs.

ETH price meets leverage build-up

At press time, Ethereum [ETH] traded near $2,980, up about 0.85% over 24 hours. Spot market participation, however, weakened during the same period.

Trading volume fell 52% to roughly $18.47 billion, suggesting limited conviction behind the move. That slowdown contrasted with derivatives positioning.

Even so, Open Interest rose 2.46% to $38.51 billion, indicating traders added leveraged positions despite muted spot activity. That divergence suggested positioning rather than organic demand drove recent price stability.

Range tightens as trend pressure persists

AMBCrypto’s technical analysis on the daily chart revealed that ETH was consolidating in a tight range between $2,790 and $3,000. Meanwhile, the broader market structure remains in a downward trend.

Source: TradingView

Based on the price action, a major rally in ETH would likely be possible only if it breaks out of this tight consolidation range.

If the broader trend continues and the price breaches and closes a daily candle below the $2,790 level, it could trigger strong downside momentum.

Conversely, if the trend shifts and the altcoin closes a daily candle above the $3,000 level, it could signal an end to the prolonged downward momentum.

Besides these key levels, the momentum strength indicator Average Directional Index (ADX) has reached 30.39, above the key threshold of 25, indicating a strong directional trend in the asset.

Meanwhile, the Chaikin Money Flow (CMF) has further reinforced the bearish outlook, as its value dropped to -0.05, signaling rising selling pressure and capital outflows from the asset.

Final Thoughts

• Ethereum’s recent rebound attracted attention more for positioning than conviction.
• Whale transfers and rising leverage suggested caution beneath the surface, leaving ETH at an inflection point.