$ETH at $2,296—do you want to buy it?

A 10-year-dormant ICO address suddenly became active, completing its first transfer of 10,000 ETH ($22.88 million). Meanwhile, an institution went on a buying spree of 100,000+ ETH in a single week, pushing its total holdings to 5 million ETH (4.21% of total supply). With 77% of its staked position locked up, liquidity was effectively drained. On one side, ancient whales might be preparing to dump; on the other, institutions are stockpiling like crazy. Is this a signal to catch the dip—or the final chance to get on board?

First, look at the surface: as steady as an old dog—motionless.

Over the past 24 hours, ETH’s price has fluctuated by 0.6%, rising from 2288 to 2302. In 30 days it’s up 10.7%, and in 7 days it’s up 4.5%. The bottom is slowly lifting, but holding it still feels like waiting for someone who will never show up. With US-Iran tensions high, oil prices have returned to 104 dollars, and Fed rate-cut expectations have been slashed to “near zero”—the macro sword is still hanging over your head.

First thing: institutions are going berserk—real money is pouring in.

Bitmine, co-founded by Tom Lee of Fundstrat, bought 100,000+ ETH in a single week (worth 234 million dollars). Its total holdings are already 5 million ETH, representing 4.21% of total supply, with its sights set on 5%. With 77% of holdings staked and locked, liquidity is drained directly.

Second thing: a wallet that slept for 10 years is awake.

An Ethereum ICO address, dormant for more than 10 years, holding 10,000 ETH (worth $22.88 million), suddenly completed its first transfer. At the same time, a Galaxy Digital-related wallet transferred 45,000 ETH (104 million dollars) to exchanges.

Third thing: the technicals are telling you the bottom is lifting.

On the daily chart, 2275–2200 is strong support, and it has rebounded from this level multiple times since April. Short-term moving averages are beginning to form a golden cross. MACD shows slight bullish signals, and RSI hasn’t reached overbought—there’s still room. The pattern resembles the early form of an inverse head and shoulders. If ETH holds above 2300 and breaks through 2350 with volume, then the weekly trend will turn bullish.

On one side: institutions are buying aggressively, staking and locking up, and the technical bottom is rising.

On the other: whales are waking up, ETF outflows continue, and macro pressure is pressing down.

The key level is 2275—the final line of defense for both bulls and bears.

If you’re a short-term trader: add positions in batches near 2275, with a stop-loss at 2250. If it breaks above 2350 on heavy volume, target 2500–2695.

If you’re a long-term player: build positions in batches now. Add again if it drops to 2200, and add once more if it breaks above 2350. ETH is the king of DeFi and RWA infrastructure. With TVL exceeding 14 billion dollars, the Fusaka hard fork and the Pectra upgrade are on the way.

ETH now is just like it was in 2016 when I first entered—people who don’t understand think it’s expensive; those who do know it’s only just getting started. #加密市场小幅下跌 $ETH