- A whale bought 48,825 ETH worth $127M at $2,605 each, signaling confidence despite Ethereum’s 5.42% intraday drop to $2,500.
- ETH accumulation among the top 1,000 wallets surpasses 40M ETH, with strong growth from the top 500–1,000 wallet segment.
- Ethereum’s current price structure mirrors April’s breakout pattern, suggesting a potential rally if $2,400 support remains intact.
While retail investors rush to sell Ethereum, on-chain activity tells a very different story. Lookonchain reports that a prominent whale, already $30 million in profit from ETH, has aggressively bought more. In just 8 hours, this whale acquired 48,825 ETH, worth $127 million, from Coinbase and Wintermute. The average entry price was $2,605. This major move comes as ETH trades at $2,500, suggesting high-conviction accumulation despite ongoing volatility.
Whale Accumulation Supports Bullish Structure
Moreover, this accumulation trend isn’t isolated. A bar chart from Dune breaks down ETH holdings among the top 1,000 wallets. The data shows increasing concentration as the wallet count expands. The “Top 10 Total” holds nearly 15 million ETH, while the “Top 1000 Total” surpasses 40 million ETH. Wallets ranked between 500 to 1,000 hold the largest cumulative amount.
Source: Dune
Additionally, the top 10 wallets alone control close to one-third of the top 200’s holdings. This reveals a strong conviction from large holders. The distribution remains steady, proportional, and without outliers. Each tier shows growth, supporting a broad and calculated accumulation across wallet groups.
Technical Breakout Still Lacks Momentum
According to a chart shared by Crypto Rover, Ethereum price action reflects a complex but evolving market outlook. From January to mid-April, ETH saw a sustained downtrend, falling from over $3,800 to $1,500. However, in late April, the trend shifted. Ethereum broke out from a tight $1,600 range and surged past $2,400.
Since early May, price has been consolidating between $2,400 and $2,700. This structure mimics the previous range that led to the April breakout. Consequently, traders anticipate a possible rally targeting the $4,100 zone. Still, recent price action reveals downward pressure.
Source: Crypto Rover
ETH briefly hit $2,646 but quickly reversed. The current session shows a 5.42% drop, landing ETH at $2,500.54. Despite this setback, the broader recovery phase remains intact. Hence, if support near $2,400 holds, another bullish breakout may follow. The alignment between whale activity and technical setup strengthens the outlook for a potential upside continuation.
