Beneath the surface, something big is stirring.
As the market consolidates and sentiment remains low, an Ethereum [ETH] whale has just made a $110 million move—quietly buying ETH and Bitcoin [BTC] in a pair of OTC trades with Wintermute.
Experienced traders have recognized this play: smart money may be accumulating.
Whales are accumulating
On-chain data shows a significant Ethereum whale transaction involving the purchase of 30,000 ETH ($54 million) through Wintermute in an OTC deal.
This transaction was completed through two transfers totaling over $110 million in USDC, sent to Wintermute's OTC trading wallet. Soon after, this 'whale' wallet received all the crypto assets.
Despite overall market caution, this trend highlights an increase in confidence among high-net-worth investors. This silent accumulation behavior, while not always noticeable, often signals significant price volatility.
What insights might this whale have that other market participants lack?
Whale holdings remain stable
Supporting this claim, the overall activity of Ethereum whales has remained relatively stable over the past week.
Data from Santiment shows that even as the ETH price rose from $15,000 to around $17,000, the number of wallets holding 1,000 to 100,000 ETH remained essentially unchanged.
Meanwhile, since April 21, the number of whale transactions has surged, coinciding with ETH's breakout.
The stability of the whale holder group, coupled with an increase in recent large transactions, suggests enhanced institutional confidence rather than speculation.
Ethereum's Price Outlook
The momentum of Ethereum's recent breakthrough above $1,750 seems to be continuing, with the asset trading close to $1,800 at the time of writing.
The RSI on the daily chart remains around a neutral level of 55, indicating that there is still room for further upside without immediate overbought pressure.
Meanwhile, the MACD continues to show a bullish crossover, with the MACD line comfortably staying above the signal line, indicating strengthened positive momentum.
Against the backdrop of steady accumulation by whales, if the overall market conditions remain stable, the next target for ETH could be the $1,850 to $1,900 range.
If it can break through the $1,900 barrier, it is expected to open the door to $2,000 in the coming trading days.
