Key Insights:
- Ethereum suffered a massive 13% price crash due to the geopolitical tensions in the Middle East.
- While this was happening, an unidentified Ethereum whale bought $39 million worth of ETH on June 22.
- On June 21 alone, Ethereum mega-whales collectively accumulated over $263.5 million in ETH.
Ethereum may have taken a worse beating than Bitcoin in the recent market sell off. However, this hasn’t been enough to scare off the big players. In fact, a few of them seem even more confident than before.
As the geopolitical tensions between the US and the middle east spooked the world, a massive Ethereum whale scooped up $39 million worth of ETH. This move has been all the buzz over the weekend and Monday, and here’s a closer look at what’s been going on with Ethereum.
Ethereum Crashes Nearly 13%, But Some See Opportunity
Within a 24-hour span, Ethereum crashed by around 13%, before bottoming out at around $2,155. The drop on ETH also happened to be worse than Bitcoin’s 4.7% crash within the same timeframe.
$ETH | Update
Currently consolidating for 42 days within a clear range.
> Resistance zone $2800: price has repeatedly tested the red zone without breaking above it, signaling strong selling pressure.
> Support zone $2350: buyers are stepping in consistently around these… pic.twitter.com/6yoPPEsuy8
— Kans (@cryptokans) June 21, 2025
The crash came in the wake of the U.S. airstrike on Iranian nuclear sites over the weekend. Despite the chaos, however, one Ethereum whale with address “0x7355…213” scooped up around $39 million worth of the cryptocurrency on 22 June.
The total tokens obtained by this investor was around 9,400 ETH through the Lido staking protocol. As it stands, this whale’s total Ethereum holdings now sit at around $330 million.
$263.5M in ETH Bought in One Day
This wasn’t an isolated move from this whale by any means.
On June 21, a day before this whale’s purchase, Glassnode data shows that Ethereum mega-whales with holdings of over 10,000 ETH accumulated 116,000 ETH. This whale accumulation racked a total bill of over $263.5 million.
Another interesting aspect of this move was the timing. This accumulation between so many whales happened right after the airstrikes were reported.
In essence, the whales are bullish and are seeing the price dip, not as a signal of weakness, but as a buy-the-dip opportunity. This level of coordination shows that the institutional players and whales know something that the retail traders don’t.
Technical Analysis Shows a 25% Bounce
Price action on Ethereum’s chart is showing early signs of a recovery. According to insights from analysts Sensei and Kans, ETH is holding above a very important ascending trendline.
This price level was responsible for the 55% rally back in April and May 2025, and if history repeats, the bounce could push prices 25% higher towards $2,735.
Kans pointed out the $2,850 zone as an important resistance level, where Ethereum has repeatedly been rejected in recent months. On the other hand, $2,350 is shaping up nicely as a dependable support level and the buyers are jumping in to defend it.
This is creating a compression pattern between support and resistance.
$ETH | Update
Currently consolidating for 42 days within a clear range.
> Resistance zone $2800: price has repeatedly tested the red zone without breaking above it, signaling strong selling pressure.
> Support zone $2350: buyers are stepping in consistently around these… pic.twitter.com/6yoPPEsuy8
— Kans (@cryptokans) June 21, 2025
As a result, If Ethereum can break above $2,850 with reasonable volume, it could trigger a rally toward $4,000–$4,100.
On the flipside, the opposite is possible. A breakdown below $2,350 could bring prices down to $2,200 or even $2,000, especially if the macro conditions continue to worsen.
Not All Whales Are Bullish
While many whales are betting on Ethereum rebounding, some are betting against it.
For example, one whale with wallet 0xcB92 has opened a massive short position worth $97 million around the same time, according to LookOnChain data. This whale now has $14.8 million in unrealized profit, and is known for having highly accurate market timing.
Their decision to short Ethereum just before its rejection at the $2,850 resistance zone is adding weight to the bearish narrative, as this whale clearly expects another leg downwards.
Interestingly, if Ethereum breaks above $2,850, this short position could be liquidated. It could also act as fuel for another strong upwards move.
Cautious but Ready to Move
The general Ethereum market seems to be in a wait-and-see mode, especially as Open Interest across exchanges is currently low.
This shows that traders are being cautious and staying on the sidelines until a clearer trend shows up.
However, low open interest also has a silver lining. It means that if a massive (up or down) starts, the current market set up could lead to a highly explosive move.
In other words, if the price breakout or breaks down, the resulting pump or dump could be amplified. While the market may seem quiet for now, it’s more like the calm before the storm.
The post Whales Double Down on Ethereum With $39M Purchase: Do They Know Something? appeared first on Live Bitcoin News.
