Ethereum Price Drops 10%, But On-Chain Data Shows Whales Know Something Big

Ethereum (ETH), the world’s second-biggest cryptocurrency, has had a tough time on the charts lately. On Thursday, ETH’s price fell by nearly 10%, breaking below some important levels. The overall crypto market has been under pressure because of rising tensions in the Middle East, especially after the latest conflict between Israel and Iran.

But while retail traders have been selling off and booking profits, something interesting has been happening on-chain. According to new data from crypto analytics firm Santiment, whales have quietly been adding more Ethereum to their wallets.

On-Chain Data Shows Whales Quietly Accumulating 1.49M ETH

Right now, there are 6,392 wallets holding between 1,000 and 100,000 ETH. Over the past month alone, these wallets have bought an extra 1.49 million ETH, increasing their holdings by 3.72%.

Related: Two Key Signals Emerge That Could Trigger a Major Crypto Rally

This means these large holders now own around 26.98% of Ethereum’s total supply, a possible sign that s0mart money might be preparing for a bigger move.

Ethereum To Hit $3000?

Crypto analysts believe Ethereum’s price could soon bounce back and the current chart pattern still looks bullish in the bigger picture. One analyst explained that if Ethereum manages to break above its current trading range, its next target could be around $3,200 by the end of this month or early next month

There’s also talk of a possible “summer lull,” where crypto markets typically slow down during the mid-year months. If that happens, Ethereum might again pull back before starting a new rally later in the year.

Has Ethereum Found Its Bottom?

Right now, not many traders are betting on Ethereum’s price to fall, which is a good sign for the market. The analyst said the main danger level to watch is $2,100. If the price drops below this, it could fall further.

Source: TradingView

Related: Israel-Iran Driven Crypto Crash; Traders Watch if ETH Holds $2,400 and ADA Holds $0.58

He also pointed out a rare positive sign on Ethereum’s monthly chart. This same pattern appeared before ETH’s big price jump in 2023. If it happens again, Ethereum could start rising and might even reach its all-time high by October.