Whale Accumulates $39M in Ethereum After Market Dip as ETH Tests Key Levels

TLDR:

Whale added 17,070 ETH, lifting holdings to over 132K Ethereum worth $300M total.
$2,100 has emerged as critical support following Ethereum’s recent drop.
Analysts say bulls must reclaim $2,350 to confirm a short-term recovery trend.
On-chain signals suggest a possible accumulation phase forming below resistance.

Ethereum is facing a crucial moment as large investors buy into the dip while the price hovers near support. A whale recently added over $39 million worth of ETH to their holdings, sparking renewed interest after a steep decline. 

While retail traders show signs of panic, deep-pocketed players are entering aggressively. 

Analysts suggest the $2,100 level remains a make-or-break area for short-term momentum. Attention now shifts to whether bulls can reclaim lost ground or if Ethereum may retest deeper support.

Whale Buys Big Amid Ethereum Price Crash

CryptoGoos reported that a whale purchased 17,070 ETH worth roughly $39 million shortly after Ethereum’s sharp price drop. This accumulation raised the address’s total holdings to 132,536 ETH, currently valued at over $300 million. 

Such moves have raised questions about a potential trend reversal, especially as retail sentiment remains fearful.

While many traders are exiting positions, large-scale holders are showing confidence. The purchase coincided with Ethereum’s bounce off the $2,100 zone, which has held firm as a demand area in recent weeks. 

On-chain behavior suggests whales are targeting this level as a strategic accumulation point.

Ted, a crypto chart analyst, noted that Ethereum tested the $2,100 support and is attempting to recover. He added that a clean move above the $2,350 mark is needed for bulls to regain control. 

$ETH tested $2,100 support and bounced.

For bulls to retake control it’s key to reclaim top-range.

If Ethereum rejects the previous $2,350 rangelow, we’ll probably retest start impulse or go lower. pic.twitter.com/9q987utIv7

— Ted (@TedPillows) June 23, 2025

According to his chart, $2,350 to $2,430 acted as support before the drop and now serves as strong resistance.

The upper resistance remains far at $2,827, the previous top of the trading range. Ted warned that failing to reclaim the $2,350 zone could open doors for a retest of the $1,870 region. That level marks the beginning of the previous bullish move from May.

Ethereum Price Structure Shows Possible Accumulation Phase

According to Justin Wu, ETH may be forming a “Power of 3” pattern, with signs of accumulation already in place. 

$ETH Power of 3 pattern is in play

✔️ 3–4 weeks of clean accumulation

✔️ Yesterday’s crash = textbook manipulation & capitulation

✔️ Now all eyes on $2,350 bcz this is the breakout level

Fear is maxed out and Everyone is screaming lower

That’s exactly when you should be… pic.twitter.com/HIZCa1qqe8

— Justin Wu π (@hackapreneur) June 23, 2025

He pointed to recent price behavior as a sign of possible manipulation, followed by capitulation, leading to a potential reversal. Wu believes the $2,350 area now serves as a critical breakout level.

Market watchers suggest that recent lows have flushed out weaker hands, possibly setting up Ethereum for a new rally. However, this scenario depends on buyers maintaining control above $2,100 and flipping $2,350 into a solid support zone.

According to CoinGecko data, ETH is trading at $2,251, with a 24-hour drop of 0.28% and a weekly decline of over 14%. While short-term sentiment remains cautious, whale activity is giving hope to bullish traders. 

The next few candles on the daily chart will provide clarity on whether Ethereum will continue recovering or break down further.

The market is now watching closely to see if Ethereum can hold support or revisit earlier lows. The $2,350 level will likely decide the direction for ETH’s next big move.