- Ethereum whales have accumulated 17,070 ETH worth approximately $39 million after touching the critical support level of $2,116.
- Could this be a silent accumulation phase before a strong breakout in Q3?
After the recent market correction, Ethereum [ETH] saw a notable increase in cryptocurrency whale activity. Specifically, a large wallet has accumulated 17,070 ETH, valued at approximately $39 million, immediately after ETH touched the $2,116 support level.
According to TinTucBitcoin, this moment is strategically significant. While retail investors remain cautious, this whale is taking advantage of the "dip" as a buying opportunity.
Historical evidence suggests that when whales begin buying during periods of panic, it often signals a market bottom or at least a price stabilization phase.
Is Ethereum silently preparing for a strong price surge in Q3?
Market Panic Selling Meets Strategic Buying
Before the last week, Ethereum recorded an impressive growth trend of nearly 40% in Q2, maintaining strong support above $2,500 and stimulating FOMO in the market.
However, after a sharp 13% correction, profits nearly halved. As ETH dropped below $2,500, both whales and regular traders began taking profits to preserve capital and limit further losses.
Notably, Spot exchanges recorded nearly 50,000 ETH being transferred in, indicating investors are moving liquidity on-chain. Currently, this liquidity is being systematically absorbed.
According to glassnode, the number of whale wallets holding over 1,000 ETH increased significantly, with a net increase of 63 wallets in 30 days, compared to 39 wallets just a day earlier - a strong testament to silent accumulation by major players despite the declining market.
Looking back at the cycle after April, Ethereum's price broke through over 100% in two months, decisively crossing the $2,800 resistance.
This price increase was also supported by a wave of whale accumulation, with over 100 new wallets owning more than 1,000 ETH appearing in just one day.
If history repeats, will Ethereum experience a similar price surge in mid-Q3?
Ethereum's Big Bet
Sudden profit increases don't necessarily trigger an immediate deep distribution phase. However, Ethereum's on-chain data is sending certain warnings.
Actual losses have
spiked to a weekly high of $311 million. Notably, this is the second time in less than ten days that Ethereum's net realized profit/loss indicator turned negative.
This reflects a declining market sentiment. Traders are no longer patient waiting for recovery and choose to sell at a loss to reduce risk. This behavior typically appears at the end of a correction phase or the early stages of market capitulation.
This isn't the first time we've witnessed this phenomenon. Before April's recovery, Ethereum had dropped to around $1,440 and recorded a sudden increase in actual losses.
The mass loss-taking phase helped "cleanse" the market, creating momentum for the next accumulation phase by whales. Therefore, whales buying ETH now is a positive sign, but cannot guarantee absolute success.
Without a shift in momentum and overall sentiment, Q3 growth remains a possible scenario, but cannot be definitively confirmed.
