Ethereum is trading at $2,062.67, recovering from recent lows and attempting to reclaim the $2,000–$2,100 range after weeks of volatile consolidation. On-chain activity involving Vitalik Buterin has drawn fresh attention just as ETH rebounds from higher-timeframe support, forming a potential double bottom structure.
With technical stabilization underway and CoinCodex projections pointing to possible upside toward $3,800 later in 2026, Ethereum now sits at a key structural inflection point.
Vitalik’s $800K ETH Swaps Raise Questions
Arkham data recently tracked nearly $800,000 worth of ETH swaps executed by a wallet labeled to Vitalik Buterin. The transactions were routed through CoW Protocol and involved multiple conversions of WETH into stablecoins including USDTB, GHO, and PYUSD.
The swaps were split into several transactions ranging from approximately 23 to 45 WETH each, with individual trade values between roughly $43,000 and $84,000. The use of CoW Protocol suggests aggregated settlement through solver networks, potentially minimizing price impact. The involvement of a Gnosis Safe wallet indicates treasury-style management rather than retail activity.
Importantly, the swaps alone do not signal bearish intent. Converting to stablecoins could reflect operational liquidity management, funding deployment, or risk adjustment rather than outright market selling pressure. Notably, ETH showed no immediate sharp downside reaction following the transactions.
Ethereum Forms Double Bottom Near Higher Timeframe Support
While on-chain activity attracted attention, the technical structure remains the primary driver of near-term price action.
Ethereum recently rebounded toward $1,915 after tapping a higher-timeframe support zone in the high-$1,700 to low-$1,800 region. The chart shows two recent lows forming near the same support band, creating a potential double bottom formation.
After the second test of support, ETH pushed higher and broke above the short-term descending trendline inside a falling channel. That move reduced immediate downside pressure and shifted short-term momentum upward.
However, Ethereum still trades below prior range highs near $2,000–$2,100. For bulls to regain structural control, price must reclaim and hold above that resistance zone. Failure to break above it could extend the choppy consolidation phase that has dominated since ETH fell from above $2,000 earlier in the year.
Broader Structure Remains Range-Bound
On the higher timeframe, Ethereum has been trading within a wide and volatile range following its previous selloff. Lower highs have formed across recent swings, while buyers consistently defend the $1,800 support area.
The current bounce reduces immediate breakdown risk, but the broader structure remains neutral until ETH decisively clears the $2,100 region. A sustained move above that level could open the door toward $2,400–$2,500, while a rejection may lead to another retest of lower support.
CoinCodex Ethereum Price Prediction
Ethereum price prediction chart. Source: CoinCodex
According to CoinCodex’s Ethereum price prediction, ETH could gradually recover through mid-2026 if current support holds.
February projections show ETH trading within a range between approximately $2,055 and $2,471, with an average near $2,258. March forecasts indicate stronger momentum, with average projections around $2,640 and potential highs above $3,100.
April and May show the most aggressive upside in the model. April carries an average projection above $3,300 and possible highs near $3,793. May extends that upper boundary toward $3,897, representing one of the strongest potential windows for upside in the six-month outlook.
June and July projections suggest moderate consolidation, with averages near $3,138 in June and $2,658 in July.
Overall, CoinCodex data points to a potential move toward $2,630 by late August 2026, implying roughly 27% upside from current levels, with interim spikes potentially reaching the upper $3,000 range if momentum accelerates.
