Smart investors are accumulating Ethereum despite downward pressure – is $2600 the magic level?

Significant Accumulation by Whales Despite Sideways Movement

Ethereum is trading around $3120, recording a 0.50% increase over the past 24 hours. Although some analysts expect further fluctuations, on-chain data reveals behind-the-scenes activity from experienced market players. According to Lookonchain, a wallet known as 66kETHBorrow has been steadily increasing its ETH exposure, buying every dip.

In recent hours, this whale purchased an additional 40,975 ETH worth approximately $121 million. Since the beginning of November, this wallet has accumulated as much as 569,247 ETH with a total value of around $1.69 billion. Interestingly, $881.5 million of this capital came from loans on Aave, indicating investor confidence in Ethereum’s medium- and long-term potential.

During the same period, Fasanara Capital also noticeably increased its ETH holdings. The fund acquired $19.72 million worth of Ethereum while borrowing $13 million in USDC to increase exposure. Such actions suggest that institutional players are not deterred by current declines but see them as opportunities.

Mid-Size Wallets Surge in Number

Among less obvious but significant signals is a sharp increase in the number of wallets holding between 10,000 and 100,000 ETH. Data from CryptoQuant shows that this segment of investors is also actively accumulating assets, suggesting a broad, coordinated accumulation strategy by wealthy market participants.

Historically, this pattern has preceded periods of strong rallies, especially when several entities exhibit similar behavior patterns in a short period.

Selling Without Panic – Strategy Rotation

Although buy signals dominate, some well-known market figures like Arthur Hayes have shifted from Ethereum to DeFi tokens. In the last seven days, Hayes sold about 1,871 ETH worth $5.53 million, reallocating funds to purchase ENA (1.22 million tokens), PENDLE (137,117 tokens), and ETHFI (132,730 tokens).

This does not indicate a lack of confidence in Ethereum but rather a deliberate portfolio diversification. Such shifts are typical of professional traders who monitor relative values across the entire ecosystem.

$2600 Level – Resistance or Support?

Analysts agree on a key support zone around $2600. According to BitBull observations, strong buy orders appear precisely in this area. If this level holds, a rally is expected in the first quarter of 2026. Any decline below $2600 will be seen by experienced traders as a “golden opportunity.”

Testing the 200 EMA – Technical Turning Point

Ethereum is approaching a critical test of the 200-day exponential moving average. As noted by CryptoPulse, price momentum is slowing as it nears this level. A strong rebound from the 200 EMA would maintain the upward structure and confirm bullish sentiment, while a break below could open the way toward the $2000–$2100 zone, where a monthly fair value gap exists.

Current whale activity, the increase in mid-sized wallets, and technical support around $2600 create a market picture preparing for the next phase. Waiting for the new year and Q1 2026 may bring greater clarity regarding Ethereum’s direction.