Despite the recent drop in Ethereum (ETH) price to $3,000, large investors continue buying. Recent data shows how whales accumulate Ether significantly. The analytics platform Arkham Intelligence reported this Wednesday a massive accumulation by a single entity.
According to Arkham Intelligence, an unknown whale acquired over 385,000 ETH in the last 10 days. This figure equates to $1.38 billion. Just today, it added $105.36 million in ETH to its holdings. Furthermore, the entity has borrowed $270 million in stablecoins from the Defi platform Aave, suggesting plans to expand its position.
This movement is not isolated. On the other hand, the firm Lookonchain highlighted another whale (0x9992). This whale deposited 83,816 ETH (about $288.6M) on Aave and borrowed $122.89 million in stablecoins. Likewise, BitMine increased its reserves to 3.5 million ETH, solidifying its position as the largest corporate holder. These actions reinforce the narrative that institutions view the correction as an entry opportunity.
Are the large wallets setting the stage for a new Ethereum high?
From a technical perspective, the ETH price is forming a “V-shaped” recovery pattern. To confirm this bullish trend, bulls must overcome the 100-day simple moving average (SMA) at $3,450. If they succeed, the next target would be the $4,172 resistance line. This would represent an increase of over 21% from the current price.
Several technical analysts suggest ETH has the potential to reach $4,000 before December. This outlook is supported not only by whale accumulation. It is also influenced by a falling wedge breakout and the decreasing supply of ETH on exchanges. Optimism remains as large wallets continue to buy the dip.
