A smart whale sold 30K ETH for $78.63M then quickly bought 16.5K ETH at a higher price, signaling strong bullish conviction.
Ethereum charts resemble 2020's bullish recovery, with key support reclaim patterns historically preceding major multi-month rallies.
On-chain activity including a Bitrue hacker rebuying ETH shows strategic accumulation and growing confidence in Ethereum's upside potential.
Ethereum attracts institutional attention as strategic whale moves and key support levels shape the market narrative. On June 10, a smart institution sold 30,000 ETH for $78.63 million through an OTC deal with Wintermute. The sale occurred at an average price of $2,621, locking in an $6.72 million profit after a 15-day hold. This trade boosted the institution's total realized gains since April 27 to $30.45 million, a 23.4% return. However, just 11 hours later, the same entity reversed course. It repurchased 16,500 ETH from Wintermute for $46.5 million at a higher price of $2,818. This bold move highlights growing institutional conviction in Ethereum's near-term price recovery.
Besides institutional activity, on-chain developments also point to changing sentiment. In March, the Bitrue hacker dumped 4,207 ETH for $16.34 million in DAI at $3,885. Now, that same hacker is reportedly buying back ETH at a significantly lower price. This signals confidence from even the darkest corners of the market. Hence, Ethereum's current price behavior reflects more than just speculative interest—it reflects strategic accumulation from high-impact players.
Key Patterns Reflect 2020 Recovery Signals
Ethereum mirrors its 2020 recovery path. Back then, ETH dropped beneath high-timeframe support during the COVID crash. However, once it reclaimed that support, it surged for 20 months straight. Now, the Trump tariff scare has caused a similar deviation. ETH is again on the verge of reclaiming critical trendline support. This ascending line has connected major lows since 2020 and still holds firm.
Source: Kaleo
Moreover, the data identifies three reclaim patterns in Ethereum’s history. Each one led to price rallies. Additionally, current volume shows heightened participation near these key levels. Breakout attempts during these phases often correspond with increased activity. Hence, buyers step in at supports, supporting bullish momentum.
Market Structure and Long-Term Outlook
Ethereum trades at $2,862.42 with a slight 1.65% daily decline. However, it still holds above support. Moreover, its long-term structure remains bullish despite recent volatility. Accumulation around current levels could set the stage for a larger breakout. If historical trends repeat, Ethereum may soon ignite a renewed altcoin season.
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