A legendary Bitcoin OG has increased his Ethereum (ETH) holdings even after suffering losses exceeding $70 million, signaling strong long-term confidence. According to on-chain data, he recently added 12,406 ETH, bringing his total ETH exposure to over 203,000 ETH worth roughly $577 million.
Ethereum is currently under selling pressure, trading near the critical $2,800 support level and below key weekly moving averages. While short-term sentiment remains bearish, continued accumulation by experienced investors suggests ETH may be nearing an important decision zone.
If ETH holds above $2,800, a recovery could follow. A breakdown, however, may push prices toward the $2,400–$2,500 range. The move highlights the contrast between retail fear and smart-money conviction.
