Ethereum whales have accumulated 17,070 ETH worth approximately 39 million USD after hitting the important support level of 2,116 USD.
Could this be a silent accumulation phase before a strong breakout in Q3?
After the latest market correction, Ethereum [ETH] has seen a notable increase in the activity of cryptocurrency whales. Specifically, a large wallet has accumulated 17,070 ETH, worth approximately 39 million USD, right after ETH hit the support level of 2,116 USD.
According to TinTucBitcoin, this moment holds strategic significance. While retail investors remain cautious, this whale is taking advantage of the 'dip' as a buying opportunity.
History shows that when whales start buying during panic, it is often a sign of market bottoms or at least a period of price stabilization.
Is Ethereum quietly preparing for a strong price increase in this Q3?
Panic selling meets strategic buying
Before last week, Ethereum recorded an impressive growth trend of nearly 40% in Q2, maintaining strong support above 2,500 USD and stimulating FOMO on the market.
However, after a strong correction of 13%, profits have nearly halved. As ETH fell below the 2,500 USD threshold, both whales and ordinary traders began to take profits to preserve capital and limit further losses.
Notably, spot exchanges recorded nearly 50,000 ETH transferred in, indicating that investors are putting money on-chain. Currently, this liquidity is being absorbed systematically.
According to Glassnode, the number of whale wallets holding over 1,000 ETH has increased significantly, with a net increase of 63 wallets in 30 days, compared to just 39 wallets a day earlier – a strong indication of the silent accumulation by big players despite the market downturn.
Source: Glassnode
Looking back at the cycle after April, the price of Ethereum surged more than 100% within two months, decisively surpassing the resistance level of 2,800 USD.
This price increase is also supported by a wave of whale accumulation, with the number of new wallets holding over 1,000 ETH appearing to exceed 100 wallets in just one day.
If history repeats itself, will Ethereum experience a similar price increase in the middle of Q3?
Ethereum's big bet
The sudden spike in realized profits does not necessarily mean a deep distribution phase is triggered immediately. However, Ethereum's on-chain data is sending certain warnings.
Realized losses have surged to a weekly high of 311 million USD. More notably, this is the second time in less than ten days that Ethereum's Realized Profit/Loss Index has turned negative.
This reflects a declining market sentiment. Traders are no longer patient in waiting for a recovery and choose to sell at a loss to cut risks. This behavior often appears in the late stages of a correction or the early phase of market capitulation.
Source: Glassnode
This is not the first time we have witnessed this phenomenon. Before the recovery in April, Ethereum had dropped to around 1,440 USD, while also recording a spike in realized losses.
The mass liquidation phase has helped 'clean up' the market, creating momentum for the next accumulation phase of the whales. Therefore, the fact that whales are buying ETH at this time is a positive sign, but it cannot guarantee absolute success.
Lacking momentum shifts and overall sentiment, Q3 growth remains just a potential scenario and cannot be confirmed with certainty.
Source: https://tintucbitcoin.com/ca-voi-gom-39-trieu-usd-eth/
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