Ethereum Price Rebounds as Whale Activity Picks Up: Key Levels to Watch

The altcoin market, led by Ethereum (ETH), has experienced a bullish rebound over the past 24 hours, following Bitcoin’s (BTC) price rise. This surge came as the DeepSeek narrative was largely debunked. As of Tuesday, January 28, during the mid-European trading session, the total crypto market cap rose by more than 3%, reaching about $3.67 trillion.

With the leveraged crypto market cooling off in recent days, Ethereum has taken the lead in a relief rally. According to the latest market data, ETH price has increased over 4% in the last 24 hours, trading at around $3,203 at the time of writing.

The Ethereum network remains a central player in the crypto market, especially after some recent shifts.

Ethereum Whales Not Fully Convinced

Ethereum has seen big changes in demand from whale investors, with the approval of spot ETH ETFs in the U.S. playing a major role in Ether’s mainstream adoption. After strong cash inflows in mid-December 2024, demand for U.S. spot Ether ETFs has slowed recently. Aside from BlackRock’s ETHA, which saw a net inflow of $20.6 million, most U.S. spot Ether ETFs have had either net outflows or zero inflows as of Monday.

On-chain data from Glassnode shows that 13 large whales, each holding over 10,000 ETH, have joined the network in the past 24 hours, signaling renewed interest from major investors.

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ETH Preps for New Upgrades

The Ethereum core developers, led by co-founder Vitalik Buterin Vitalik Buterin Vitalik Buterin is a well-known tech geek, influencer, and computer programmer. To promote the blockchain, he started Bitcoin Magazine and provided blockchain information for cryptocurrency investors. In 2015, he co-founded Ethereum, a blockchain platform that contributed to decentralized finance.   Quick Facts   Full name Vitaly Dmitrievich Buterin Birth 31-01-1994, Kolomna, Russia Education University of Waterloo Wife/Partner To be updated / Not Married Famous for Ethereum, ETH, Blockchain advocate/promoter  Net Worth $1B (refer for real-time)   Buterin recognized the need for decentralized finance and used smart contracts to publish the Ethereum whitepaper.  His contributions paved the way for Ethereum's transition to Proof-of-Stake, which proved to be scalable and effective. Furthermore, he introduced Ether (ETH), the blockchain platform's native coin. A Timeline of Vitalik’s Career Co-founded Bitcoin Magazine (2011) – Established one of the first crypto publications, writing extensively on Bitcoin and blockchain. Authored Ethereum Whitepaper (2013) – Proposed a blockchain with smart contract functionality for decentralized applications (d Apps). Co-founded Ethereum (2015) – Launched Ethereum after a successful $18M ICO, revolutionizing the blockchain ecosystem. Developed Ethereum Virtual Machine (2015–2016) – Created the EVM, enabling developers to build and deploy smart contracts. Worked on Ethereum Scalability (2017–2021) – Contributed to Layer 2 solutions like Rollups, Plasma, and Sharding. Led Ethereum’s Transition to Proof-of-Stake (2018–2022) – Helped develop and implement Ethereum 2.0, merging the Beacon Chain in 2022. Blockchain Research & Cryptography (2016–Present) – Focused on zk-SNARKs, privacy tech, and decentralized governance models. Philanthropy & Crypto Advocacy (2017–Present) – Donated millions in crypto for pandemic relief, AI research, and financial inclusion. EntrepreneurCrypto and Blockchain Expert have been working on major network updates to help retain the leading position of the DeFi ecosystem. Moreover, Ethereum’s DeFi space has the leading total value locked (TVL) of about $63 billion and a stablecoins market cap of over $116 billion in the layer one ecosystem.

Notably, Ethereum’s Pectra upgrade is a major focal point of this year’s major network upgrades. Furthermore, several changes will be effected for validators,  such as Lido DAO (LDO), through increasing the base staked ETH units.

Midterm Expectations for ETH Price

According to a popular crypto analyst Benjamin Cowen, Ethereum’s price is likely to drop below $3k to retest the support level above $2,300 before kickstarting the next major bullish leg. Ahead of the first Federal Reserve Interest Rate decision for 2025, Cowen highlighted that the ETH/BTC pair is likely to bottom if Quantitative Easing (QE) begins. 

However, the short-term bearish sentiment for Ether price could be invalidated if the altcoin successfully closes above the resistance range between $3,870 and $4k.

As Ethereum positions itself for new heights in 2025, the next few months will reveal if this momentum can hold.

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