On-chain data suggests three new Ethereum wallets bought 25,425 ETH within two hours.

A blockchain outlet, U.Today, reported on Sunday that the wallets deployed a total of 50.04 million DAI at an average purchase price of $1,968.

The market is leaning toward the possibility that the wallets belonged to the same organisation. When recently created wallets make purchases of this size, it is often interpreted as an institution or a large investor building a new position rather than reshuffling existing holdings. The actual owner has not been confirmed, but attention is on the timing coinciding with ether’s battle around a key resistance level.

The timing of the buying is also drawing attention. Ether is trying to recover a zone that has acted as a key resistance level in recent months. After a sharp drop in June, it has steadily moved above the 20-day and 50-day exponential moving averages.

The area now in focus is the 100-day exponential moving average between $1,935 and $1,970. Ether is trading near that level on the chart, and whether buying can turn a price zone that has blocked rebounds several times into support is seen as a variable that will determine the near-term direction.

The market remains cautious. If ether can establish a daily close above the 100-day line, the bullish case would gain more strength, and momentum-following funds could also see additional inflows. Another condition attached is that a clearer trend reversal would require a recovery to the 200-day exponential moving average near $2,180. That area has been presented as a resistance level defining the long-term downtrend.

Momentum indicators have also improved somewhat. The relative strength index (RSI) has climbed to the mid-60s without entering overbought territory. That is interpreted as a signal that buyers still have room to attempt further gains.

It is still unclear whether this large-scale accumulation is the start of broader institutional buying. The near-term point to watch is whether ether holds above the 100-day line. If it holds, the likelihood of testing $2,180 increases, and if it slips, the market may again check support at the 50-day line around $1,750.

The key point going forward is less the whale buying itself than whether ether can hold the 100-day line. If it manages to settle above that zone, the likelihood of testing the 200-day line at $2,180 rises. If it fails to break through, buying could revert to a move that again checks support at the 50-day line around $1,750.