Ethereum rebounded above $1,650 after last week’s sharp sell-off, as on-chain data highlighted a large, early Ethereum holder who cut exposure before the drop and rebuilt positions near the lows. The transactions, surfaced by Arkham Intelligence, underscore how at least one veteran wallet anticipated the move and executed a round-trip across ETH, wrapped staked ETH (wstETH), and Wrapped Bitcoin (WBTC).
Whale Reduced Risk Ahead of the Sell-Off
According to Arkham Intelligence, a long-standing Ethereum wallet trimmed risk across three assets shortly before the market broke lower. The address exited positions at average prices that preceded the downturn:
- Sold 60,000 ETH at an average price of about $2,040
- Sold 9,442 wstETH at an average price of about $2,040
- Sold 600 WBTC at an average price of about $78,538
In aggregate, the exits totaled roughly $188 million across ETH, wstETH (the non-rebasing wrapped version of Lido’s stETH), and WBTC, per Arkham’s on-chain data.
Rebuilt Positions Near the Lows
After stepping aside, the same wallet re-entered the market as prices reset lower:
- Bought 60,088 ETH and 10,000 wstETH at an average price of about $1,606
- Bought 611 WBTC at an average price of about $63,280
The price delta between the wallet’s exit and re-entry was substantial. For Ethereum, the spread was approximately $434 per ETH between the average sell and buy levels, applied across roughly 70,000 ETH and wstETH combined. For Bitcoin, the gap between the average sell ($78,538) and buy ($63,280) prices was about $15,000 per BTC. Executed across three assets, the sequence points to a deliberate strategy rather than a reactive trade, based on the timing shown in Arkham’s dataset.
ETH Technical Picture: $1,800 Now Key Resistance
Despite the bounce, Ethereum’s broader trend remains fragile. ETH lost the critical $1,800 support area during the sell-off and slid into the $1,500–$1,600 range. Price is trading below the 50-day, 100-day, and 200-day moving averages, all of which slope downward—an alignment that keeps momentum skewed toward sellers.
The breakdown below the $1,800–$1,900 zone—an area that served as a demand region through late winter and spring—signals that bulls ceded a major level. While ETH has recovered from lows near $1,520, reclaiming and holding above $1,800 is the first test for shifting sentiment. Until then, rallies are likely to be treated as relief moves rather than a confirmed trend reversal.
What to Watch
- Whether ETH can retake $1,800 and the 50-/100-/200-day moving averages to neutralize downside momentum.
- Further activity from large wallets following the recent round-trip, as indicated by on-chain trackers like Arkham.
- Correlation with Bitcoin, which remains a key driver of broader crypto risk appetite.