$1,370,000,000 in Ethereum: Whales Going Long on ETH

Large Ethereum ETH investors, known as whales, have bought about $1.37 billion worth of ETH after the recent price fall.

The move happened over three days and shows growing interest in Ethereum price despite its weak recovery.

Big Buyers Move In on Ethereum ETH

In the past few days, several major Ethereum ETH holders have made large purchases while the market remains under pressure.

Data shared by Lookonchain shows that whales bought a total of 394,682 ETH, worth about $1,366,515,846, at an average price of $3,462 per ETH.

The biggest single buyer added 257,543 ETH, worth around $896 million, at an average price of $3,480.

This whale had earlier borrowed 66,000 ETH, valued at $265 million, from Aave two weeks ago.

Another known buyer, BitMine Immersion Technologies, purchased 40,719 ETH for about $139.6 million at $3,430 each.

A group of wallets tagged as “7 Siblings” bought 37,971 ETH, valued at $133.4 million, at $3,515 per coin.

A whale known for trading Ethereum through over-the-counter deals also bought 25,004 ETH, worth $82.6 million, at $3,304.

Other smaller wallets, including “fresh” and “unknown” ones, made purchases ranging between 4,009 ETH and 14,436 ETH, showing a wide spread of accumulation.

These purchases point to a strong belief among large investors that Ethereum ETH might still have long-term value. Even though its short-term price has struggled.

Analysts Watch for a Clear Ethereum Price Direction

Traders and analysts have been reacting to the recent whale activity.

Market observer Ted Pillows said Ethereum’s recent rise seems to come mostly from short positions closing rather than new money entering the market.

He explained that the Ethereum price would need to move back above the $3,600 to $3,700 range with solid inflows before a real recovery can take shape.

In his words, until Ethereum reclaims that zone, it might go lower. Other market watchers share this cautious view.

RiyaRX, another trader, mentioned that Ethereum ETH price jumps caused by selling pressure do not last long. She said a true change in direction might only happen when new demand returns.

Ted agreed and called $3,600 a key zone to watch. Your MVP Guy, another participant, added that short squeezes often look strong at first but tend to fade once momentum slows.

Even with these warnings, some investors think the ongoing whale accumulation could lead to stability in the coming weeks.

Notably, such large-scale buying often indicates confidence, even when the broader market seems uncertain.

Predictions for Ethereum’s Year-End Price

Some market leaders are still positive about the Ethereum price future. In a discussion shared by Cole Grinde, market strategist Tom Lee predicted that Ethereum ETH could reach $7,000 by the end of the year.

Lee based his view on what he described as strong fundamentals. He pointed to rising stablecoin transactions and record levels of activity on Ethereum-based applications.

According to him, these signs show that fundamentals are leading the price in the crypto market.

More so, he also gave projections for other markets, suggesting that Bitcoin could reach $200,000 and the S&P 500 could climb to 7,500.

His optimism was met with doubt from others like ComputeInvestor, who said such targets will be difficult to achieve.

Still, the continued whale buying suggests some investors expect Ethereum’s value to rise later in the year.

While short-term traders remain cautious, large holders appear to be taking a longer view, quietly adding more ETH as prices remain under pressure. As of writing, Ethereum price was trading at $3,397.53, up by 3.66%.