Ethereum is trading at $2,547 at time of writing, still leading the crypto world after an impressive $127 million whale buy. The whale added 48,825 ETH at an average purchase price of $2,605, which is a strong bullish sign for the crypto space. This massive-scale migration happened amid a broader pullback. Adding to this volatility was increased global tensions and a wave of option expirations.

Recent instability in Ethereum's price can be attributed to concerns in the Middle East and the expiration of over 242,000 Ethereum options. These elements resulted in dramatic price surges and drops, generating a volatile environment for investors. The huge haul of Ethereum by the big player has felt the confidence in the market to some extent.

At the moment, Ethereum is ranging between $2,518, the 23.6% Fibonacci level and the 50 EMA at around $2,580. The current total put-call ratio is 1.20. With max pain at $2,700, this suggests a great entry strategy in place for Ethereum. One such whale just pocketed about $30 million in Ethereum-specific profits. This illustrates the opportunity for major break-through wins for the market to build from.

From a bullish perspective, a potential entry point for Ethereum is at a break above the 38.2% Fibonacci level ($2,568) and the 50 EMA. In this example, a stop-loss would be appropriate just under $2,500. The bullish outlook aims for $2,607, where the 50% Fibonacci level lies. After that, we seek $2,647, the 61.8% Fibonacci retracement level.

The bearish case would be to short on a break below $2,518, placing your stop-loss just above $2,540. Targets for this negative view are $2,440, with a possible drop to $2,300.