As Ethereum (ETH) price hovers around crucial levels, one particular whale is seen grabbing large amounts of the altcoin.
This whale scooped 20,161 ETH coins in just 24 hours, suggesting growing attention for the leading altcoin.
The whale’s purchase of 20,161 ETH shows confidence in a possible price spike. This substantial move comes as market analysts closely monitor a potential price reversal on ETH.
The Etherem Whale Accumulation and Growing Interest
According to the popular data analytics platform Lookonchain, the ETH whale took advantage of the market downturn to make additional purchases.
In two separate transactions, the mysterious whale accumulated 20,161 ETH, valued at approximately $32.7 million.
For the first transaction, the investor transferred 15,953 ETH from the OKX exchange and deposited the assets into Aave.
Subsequently, the Ethereum whale borrowed 15.4 million USDT tokens from Aave and deposited them back to OKX.
A few hours later, the unknown whale investor bought 4,208 ETH, valued at about $6.87 million, again from OKX using four wallets.
Eventually, the investor borrowed another 4.85 million USDT from Aave. They deposited the tokens into OKX, possibly to buy more ETH.
This massive accumulation signals a strong belief in the coin’s future potential, which market analysts have interpreted as bullish news for the Ethereum community.
They claim whales only make large purchases to double their investment ahead of a bullish price move.
The whale action also coincides with growing interest from other market participants. Within the past 24 hours, ETH’s trading volume surged by over 67% to $18.76 billion.
This increased investor interest comes as the coin experienced a daily surge of 1.89%.
Can ETH Price See a $3,000 Breakout?
According to market data, ETH price was changing hands at $1,626 as of this writing. Over the previous day, the price of ETH traded between a low of $1,553.6 and a high of $1,687.5.
After weeks of range trading, analyst Carl Moon predicted that ETH might soon hit the $3,000 mark.
The analyst posted a TradingView chart in an X post showing ETH attempting to break out of a descending channel.
With more volume, the analyst thinks ETH could easily break out of that channel towards $3,000.
Aligning with Carl Moon, other analysts forecasted that a breakout beyond $2,100 could send Ethereum toward $3,000. This marks a strong price surge in the coming months.
Ethereum Ecosystem Projects to Watch
The Ethereum network is well-known for its consistent upgrades, which aim to improve users’ experience.
In March, the Pectra Upgrade was successfully finalized on the Hoodi testnet after facing initial disruptions on Holesky and Sepolina.
The launch now paves the way for the Pectra mainnet to debut later this Month.
Analysts and investors believed the potential Pectra mainnet launch would benefit the general Ethereum ecosystem.
Furthermore, Ethereum co-founder Joe Lubin recently remarked that the Ethereum Ecosystem would continue to focus on layer-2 (L2) scaling networks.
Lubin disclosed while speaking about the future of the smart contract network at the 2025 Digital Asset Summit.
The co-founder noted that applications require next-generation databases powered by high-throughput blockchain technologies. He sees the Ethereum network as the best for new kinds of databases.
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