Technical indicators suggest that Ether's price could rise by 25%. During the price decline, whales bought $263.5 million worth of ETH.
Despite a general market decline brought on by rising Middle East tensions and new indications of risk aversion, a wealthy Ethereum trader has amassed tens of millions of dollars' worth of Ether.
Whales are not alarmed by Ether's abrupt plunge
The wallet address 0x7355...213 increased its total Ether holdings to $330 million on June 22 by purchasing about 9,400 ETH (~$39 million) over two significant tranches.
It was purchased at a time when Ether was among the top cryptocurrencies with the lowest 24-hour performance.
The price of ETH dropped by over 12.80% over the last day, to as low as $2,155. It did worse than Bitcoin, the cryptocurrency with the highest ranking, which dropped about 4.70% throughout that time.
The market's reaction to the news of a direct US military attack on Iran, which marked a significant escalation in the ongoing Israel-Iran confrontation that started with Israel's "Operation Rising Lion" on June 13, caused the decline.
Despite the bearish environment, the whale actively collected ETH and used Lido's liquid staking mechanism to deploy it.
The whale may see the sell-off as a long-term "buy the dip" opportunity rather than a reason to panic, based on the timing and size of the purchases.
A similar upward feeling is suggested by Glassnode's data, which tracks the larger whale holding patterns.
Both on the day of the US airstrikes against Iran and in the days preceding it, Ethereum wallets with 10,000 ETH or more saw an increase in their net positions.
These mega-whales may have seen the drop as a buying opportunity rather than a reason to sell when they grabbed over 116,893 ETH, valued at $265.30 million, on June 21.
Ethereum hopes to bounce by 25%
According to market expert Sensei, Ether is holding above a significant rising trendline that could result in a significant rally in the days ahead.
In April-May 2025, there was a 55% surge following a bounce from the same support level. If the pattern holds true, ETH might rise roughly 25% from the present price levels and move back toward the $2,735 resistance level in the near future.
