Ethereum is holding near $2,200 after a market-wide sell-off while large holders accumulate. An analyst sees a repeat of a 2025 pattern, and sentiment readings are improving, though some big traders still lean short.
ETH is trading around $2,230, roughly flat over the past week despite the broader market sell-off. Analyst Crypto Capo says the retracement has played out, with the pullback starting at the same resistance level and ending at the same support level as a similar move in 2025.
Capo expects that fractal to resolve in a bullish continuation along with the rest of the market. The on-chain data is starting to back that view, according to the source.
Whales buy the Ethereum dip
Large holders have been accumulating ETH around current levels. One whale using two wallets withdrew 18,550 ETH, worth more than $42 million, in five days. Another whale picked up roughly 13,080 ETH, worth about $30 million, from Binance over the same period.
Bitmine also added another 5,000 ETH, worth about $11.22 million, and now holds 4.96% of Ethereum's total supply. The $2,200 level is the realized price for accumulation addresses, and whales appear to be defending that floor.
Sentiment turns neutral
The Ethereum Fear & Greed Index now reads 45, in Neutral territory. A week ago it stood at 35, and a month ago it was at 27, both in Fear. Bitcoin's score is 39.
Levels and risks ahead
The key zone for bulls is $2,200 to $2,220. As long as ETH holds above it, the next upside target sits at $2,425, while a loss of $2,200 would expose $2,000 and then $1,900.
Risks remain. The whale-versus-retail position delta is still slightly negative, meaning big traders still lean short overall, and market maker Wintermute recently opened a $73 million short position on Hyperliquid.
Source: Bitcoinist
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