Ethereum rebounds toward $1,600 as one whale adds 10,000 ETH to $101M short while an OG reaccumulates

Ethereum climbed nearly 5% over two days after plunging to the $1,600 region, though on-chain data showed large traders remained split on the direction of the next major move. According to Lookonchain, the address Pension-usdt.eth added another 10,000 ETH worth $16.8 million to an existing short position, bringing the total to roughly 60,000 ETH valued at $101 million. The trade carried a floating profit of 22.9%, equivalent to more than $7.7 million, and the trader has maintained a 22-trade winning streak that generated over $45 million in gains.

Other long-term holders moved in the opposite direction. According to Onchain Lens, an Ethereum OG that previously sold both Bitcoin [$BTC] and Ethereum [$ETH] ahead of the recent decline has resumed buying. Before the drop, the wallet sold 60,000 ETH worth $117 million and 9,442 wstETH valued at $24 million at an average price of $2,040. Following the crash, the same address bought back 60,088 ETH worth $95.3 million and 10,000 wstETH worth more than $21 million at an average price near $1,606.

The contrasting flows come as ETH approaches a demand zone that previously marked a major cycle low before the rally toward $4,800. At the same time, leverage data pointed to potential pressure below current levels. According to CoinGlass, more than $2 billion in leveraged long positions sat between $1,400 and $1,600, a range that often attracts price action.

Technical indicators reflected the tension between the rebound and underlying weakness. ETH broke down from a rising channel, the Cumulative Volume Delta (CVD) showed aggressive selling pressure, and MACD bars remained deeply negative, though their fading intensity suggested bearish momentum was losing strength. The proximity of the prior cycle low may help explain why some long-term holders resumed buying around $1,600, even as continued whale shorting and the large liquidity cluster below the price left the possibility of another move lower open.