Ethereum Whales Purchase 470,000 ETH Amidst Price Consolidation

Large holders of Ethereum have significantly increased their purchases in the past week, indicating potential confidence in future market shifts.

Whales Add 470,000 ETH in a Week Amid Price Consolidation

Recent data from Santiment reveals that Ethereum wallets holding between 10,000 and 100,000 ETH have bought a total of 470,000 ETH over seven days. This surge in purchasing occurred while the token’s price consolidated between $1,850 and $2,150.

Additionally, large investors have been accumulating Ethereum during its price dip in March, suggesting a strategy for a longer-term market shift. The increased wallet balances indicate growing optimism among investors, despite ongoing market volatility. Whale accumulation can often predict market direction, influencing trends in the upcoming weeks.

ETH/BTC Chart Patterns Suggest Potential Breakout for ETH Price

The trading relationship between Ethereum and Bitcoin has sparked considerable interest. Analyst Ali_charts highlighted a potential Adam & Eve pattern forming in the ETH/BTC pair, which could indicate an upcoming price increase for ETH if validated. This pattern is formed over several years and may lead to testing important resistance levels.

Currently, the ETH/BTC ratio is 0.0235, with predictions of breaking out to 0.0019 BTC. Historically, such breakthroughs may redirect capital from Bitcoin to Ethereum, contingent on consistent buying activity.

Analyst Crypto Patel noted that Ethereum’s monthly RSI has reached its lowest levels in years, having only done so three times since 2017, all preceding notable price rallies. Current market cycles suggest that the accumulation zone of $1,300 to $2,000 offers strong support and a buying opportunity.

Thus far, historical RSI recoveries have produced returns of 360% to over 5,900%.

Institutional and On-Chain Interest Builds

Institutional interest in Ethereum remains robust. Token Terminal data shows that BlackRock’s BUIDL fund has amassed $1.145 billion in ETH, positioning it among the fund’s largest investments. This growing inflow reflects a broader perspective on Ethereum beyond mere speculation, potentially drawing more investment funds into the market.

Simultaneously, the Ethereum network maintains active engagement through its various protocols, supported by on-chain data. Interestingly, Arkham data reveals activity on the Ethereum network from wallets linked to Donald Trump, with a $3 million investment into Mantle, an Ethereum Layer 2 solution, highlighting ongoing expansion and development on the network.