As Bitcoin experiences a significant decline, Ethereum shows unusual activity: In the past 24 hours, several large holders have made substantial purchases, accumulating a total of $279.5 million worth of ETH. One investor increased a principal of $125,000 to $6.99 million through rolling operations, achieving a return of 55 times.

Whales are clearly optimistic about Ethereum's long-term value. Technically, ETH has stabilized around $4,400, which coincides with the support level of the 26-day moving average, with strong buying support every time it retraces to this level.

Ethereum's fundamentals are solid: Layer 2 is developing rapidly, the DeFi ecosystem continues to prosper, and the amount of ETH locked in DeFi protocols has reached an all-time high, with circulating supply decreasing; institutions are continuously increasing their holdings in Ethereum ETFs, and incremental funds are consistently entering the market.

What’s even more promising is that Ethereum is about to undergo a network upgrade, significantly enhancing its performance and user experience. Additionally, the NFT market is showing signs of recovery, and Web3 applications are developing rapidly, making the overall ecosystem vibrant. Following the current trend, breaking through $5,000 for ETH may just be a matter of time, and the whales' judgment this time is likely to be accurate.