Ethereum whale buys $93.6 million in ETH, price targets $2,200 breakout

Key support zone holds steady

Technical analysts noted that ETH has maintained stability within a major buying zone, with $1,720 to $1,780 acting as a floor for recent price swings. Over the last day, the price movement remained relatively muted, though attention focused on potential breakouts and accumulation patterns.

Crypto analyst Nehal stated that ETH’s structure remains bullish as long as it holds this key support zone. A decisive move above $1,875 resistance could open the door for a rally toward $2,200, especially if trading volume accelerates in tandem.

ETH is holding the $1,720–$1,780 buying zone. If support holds and price breaks above $1,875, the path could lead to $2,200 or more.

If the price falls below the support band, traders warn that bearish momentum could build and recovery prospects would weaken for the short term.

Given that a single Federal Reserve decision or a rapid-fire altcoin listing can quickly shift crypto sentiment, market participants are emphasizing streamlined monitoring.

Whale accumulates $170 million in ETH

On-chain data provider Lookonchain reported that a wallet tagged as “0x2d59” acquired another 50,000 ETH, valued at $93.6 million, and promptly staked those coins. This purchase comes just a week after the same wallet acquired 40,000 ETH worth $76.66 million, bringing its recent ETH accumulation total to $170 million.

Lookonchain highlighted that whale 0x2d59, who bought 40,000 ETH for $76.66 million recently, added 50,000 more ETH, staking the entire amount.

By sending the tokens to staking, the whale is signaling little interest in selling in the short term. Some traders view this as a show of strong confidence in Ethereum’s long-term technical outlook, even as Bitcoin trends downward and puts pressure on major altcoins.

Staking activity at record highs

Ethereum staking has set a new milestone, with 41.9 million ETH now locked, up from 36 million at the beginning of 2026. However, recent staking inflows have slowed, with the last week seeing about 28,700 new ETH compared to earlier surges that topped 200,000. Approximately one-third of all ETH is currently staked on the network.

Developers are now considering EIP-8363, the Tapered Issuance Burn proposal, which would gradually reduce staking rewards as the staked ratio increases. If adopted, annual ETH issuance would decline to 0.8% near present staking rates and approach zero should staking reach 50% of circulating supply.

Meanwhile, BitMine, the publicly listed company with the largest ETH balance, holds 5.81 million coins, staking 87% of its holdings. At current reward levels, BitMine’s annual income from staking approaches $257 million, but the company could see future revenues fall if EIP-8363 is implemented. BitMine has not announced any plans to sell its staked ETH.