Ethereum Price Hovers Near $1,600 as Whales Show Mixed Sentiment

Ethereum's price recovery to around $1,600 after plummeting has left investors wondering if the altcoin has finally hit bottom or if it will continue to decline.

A recent surge in buying activity from a large Ethereum OG investor may be a sign that some long-term holders view current levels as attractive, but other analysts believe the market is still uncertain about the future of ETH.

According to data from Onchain Lens, this particular whale had previously sold 60,000 ETH worth $117 million and 9,442 wstETH valued at $24 million before the recent crash. Following the crash, they bought back 60,088 ETH worth $95.3 million and 10,000 wstETH worth more than $21 million at an average price near $1,606.

However, not all whales share this view. Pension-usdt.eth, a notable trader with a 22-trade winning streak that generated over $45 million in gains, has added another 10,000 ETH to their existing short position, worth around $16.8 million. This move suggests some large traders still expect ETH to move lower.

Additionally, CoinGlass data shows more than $2 billion in leveraged long positions are clustered below the current ETH price, which could potentially attract price action and increase the possibility of another move lower before a sustained recovery attempt.