Bitcoin OG Increases Ethereum Position Amid $70 Million Loss

Key Points on Ethereum's Current Market Scenario:

Ethereum is under selling pressure amid broader market fear and bearish expectations.
Analysts predict a prolonged bear market until 2026, citing Ethereum's position below key structural levels and lacking momentum.
Bulls are trying to defend the $2,800 mark, critical for short-term confidence, but market sentiment remains cautious.
On-chain data shows divergence as experienced traders like Bitcoin OG increase their Ethereum exposure, adding 12,406 ETH despite bearish trends.
The Bitcoin OG holds substantial positions across multiple assets, including 203,341 ETH valued at about $577.5 million, indicating confidence in a potential upside.
This trader's wallet has seen significant drawdowns, reflecting market volatility and risk even for seasoned participants.

Technical Analysis Highlights:

Ethereum's price action shows a loss of momentum after rejection near the $4,800–$5,000 region, with retracement towards $2,800–$2,900.
Currently trading below the 50-week moving average, hovering near the 100-week MA, a historical inflection point for medium-term trends.
Volume increase during down weeks suggests active distribution rather than passive consolidation.
The $2,800 area serves as a critical demand zone; failure to hold could lead to deeper retracement toward $2,400–$2,500.
Ethereum needs to reclaim the 50-week moving average to neutralize downside risk and restore trend confidence.