An Ethereum whale recently made a big move taking advantage of the latest market-wide sell-off, buying up $39 million in ETH using their fortune. The US airstrike on Iran was the catalyst for the market downturn, but it has created a huge domino effect across the entire cryptocurrency landscape. Ethereum’s price has suffered as one of the worst-performing top cryptocurrencies over the past 24 hours. Nevertheless, considering the activity of whales, it is proof that they have a long-term bullish outlook for the asset.
Chief among them is this strategic accumulation, which is based upon the premise that the dip is a buying opportunity—not something to worry about. While the whale’s significant accumulated buys are certainly notable, they fit into larger trends that demonstrate a strong accumulation from them by large Ethereum holders.
Whale Activity and Market Trends
On-chain data indicates that Ethereum wallets with a balance of at least 10,000 ETH have massively expanded their net positions. This increase occurred not only on the day of the US airstrikes but on each of the three preceding days. On June 21, Ethereum mega-whales collectively acquired over 116,893 ETH, valued at $265.30 million, signaling strong confidence among high-net-worth investors.
The Ethereum whale with the wallet address 0x7355…213 moved a large amount on June 22. Specifically, they bought about 9,400 ETH ($39 million), in two large transactions. This move expanded the whale’s overall Ether holdings to a staggering $330 million.
Technical Analysis and Potential Rebound
Even though Ethereum was under some downward pressure, at the moment it is just holding above a strong leading ascending trendline. This technical indicator points to the likelihood of a strong bounce in the days ahead.
Importantly, a similar bounce off the same support level in April-May 2023 led to a 55% rally.
If this scenario plays out, ETH could rally past the $2,735 resistance barrier in the near term. Such a move would be nearly 25% above today’s price levels. Whales took the opportunity to accumulate $263.5 million worth of ETH while it was still in the price dip.
Long-Term Perspective
The Ethereum whale’s recent activity highlights a forward-looking, long-term bullish sentiment on Ether. This view is unshaken by the short term ups and downs of the marketplace.
Savvy investors have added $39 million ETH in a sell-off spurred by geopolitical tensions. This change further demonstrates their belief in Ethereum’s inherent worth and what it truly has to offer. This decision is consistent with national trends favoring whale pile-up.
