thecryptobasic.com
Ethereum tests its 50-day EMA as whale accumulation accelerates, raising questions about a potential shift in trend momentum.
Ethereum ($ETH) currently trades at $1,889, posting a 3.42% gain on the day amid a notable short-term recovery after recent weakness. The intraday chart shows $ETH hovering below the $1,830 level earlier before staging a breakout that pushed the price action above $1,934 at its session peak.
After reaching local highs, the price retraced modestly and is now consolidating just below the $1,900 mark. Although the 4-hour metric shows a 1.47% decline, the broader 24-hour performance remains positive at +3.38%, indicating that buyers have regained some control in the near term.
Performance across higher timeframes highlights the broader context of volatility. Notably, Ethereum is down 5.21% over the past 7 days, 32.23% over 30 days, and 37.63% over 90 days. The question now remains whether this rebound marks the beginning of a sustained recovery or merely a relief rally within a broader corrective trend.
Ethereum Price Analysis
On TradingView’s daily chart, Ethereum has been printing a bullish candle that briefly pushed the price above $1,930 before pulling back. Despite this rebound attempt, $ETH remains firmly below both the 50-day EMA (around $2,383) and the 100-day EMA (near $2,729), which continue to slope downward, a clear indication that the broader trend remains bearish. Notably, unless Ethereum can reclaim the 50-day EMA decisively, upside moves will likely face strong overhead resistance.
Momentum indicators reflect tentative stabilization but not a confirmed reversal. The RSI is hovering near 33–34, slightly above oversold territory, suggesting that selling pressure has eased, but bullish momentum remains weak. While RSI is attempting to curl higher, it remains below the neutral 50 level, indicating that bears retain broader control.
Overall, Ethereum appears to be in a short-term recovery phase within a larger corrective structure. A trend confirmation is dependent on a sustained break above the key moving averages.
Whales Keep Buying Despite Price Swings
Looking elsewhere, crypto analyst Crypto Rover highlighted that Ethereum whales are actively accumulating $ETH. He pointed to on-chain data from CryptoQuant showing a sharp rise in balances held on accumulation addresses.
The growth has accelerated, particularly into 2025 and early 2026, even as price volatility persists. The data suggests that while Ethereum’s price has fluctuated between major cycle highs and corrections, large holders have steadily expanded their positions.
With accumulation balances climbing from under 6 million $ETH around 2023 to more than 24 million $ETH recently, the trend signals strong long-term conviction among whales despite broader market uncertainty.