Notable players in the crypto market gulp up Ethereum in giant quantities, with the coin establishing a new uptrend as it rises from the May 2025 level. The $2.1K level on Ethereum seems to be a good buying zone as the bullish momentum is established. With the prices crossing above the 50-day MA, ETH could reach $2.6K in the near future.
A price tag just below $2.1K on Ethereum seems like a steal with the prevalent market conditions, as prominent figures in the crypto market have started to purchase ETH in bulk. According to Arkham Intelligence on-chain data, Erik Voorhees, an early Bitcoin supporter and founder of ShapeShift, started buying back $ETH after a one-year break.
Two whales buy 8,500+ and 5,000 ETH
Just about a year ago, Voorhees sold 12,886 $ETH ($42.83M) at $3,324. However, in the past 5 days, the founder went on a splurge, spending $17.75M USDT to buy back 8,576 ETH at $2,069. With the latest purchase, Voorhees still holds $26.77M USDT and may buy more $ETH.
It’s not just Voorhees who has gone into a buying frenzy; another top head—co-founder and head of research at Fundstrat Global Advisors, Tom Lee—bought 5,000 ETH at $2,096, which accumulates to a massive $10 million purchase.
Just below $2.1K—the sweet spot to buy ETH
When observed closely, both purchases occurred just below the $2.1K level, raising the question: What makes this level so significant? Looking at the chart below, the price at which the whales accumulated appears to be a critical zone.
This level sits just beneath the point where ETH moved above its 50-day moving average. The whales timed their entries precisely as ETH was on the verge of crossing this indicator, suggesting a well-calculated move. Entering the market at this stage allows them to gain exposure early in a potential uptrend and maximize their gains if the rally accelerates.
Now, ETH has crossed above the 50-day MA, and the next immediate resistance is very close to $2.6K. The relative strength index indicator, which shows the gains of the coin, is making higher highs and higher lows, showing that the bulls have taken over. As such, there is every chance that ETH could hit.
