Ethereum whales have seized the opportunity to accumulate 7,788 ETH, valued at approximately $17.67 million, as the cryptocurrency's price dipped below $2,300. On-chain data reveals that four major investors made significant purchases, with one whale acquiring 2,570 ETH for $5.81 million after a year of inactivity. Another whale, linked to Erik Voorhees, added 494 ETH to their holdings, now totaling 127,716 ETH worth $292 million. Despite this accumulation, Ethereum's price remains under pressure, trading at $2,297, down 0.6% daily and 2% weekly. The altcoin's Stochastic Momentum Index indicates strong bearish pressure, with increased sell-side activity from other market participants. As a result, Ethereum is likely to trade sideways between $2,200 and $2,300 unless whale demand can absorb the selling pressure and push the price above the $2,400 resistance level.