Ethereum Drops 10% to $2,530 Whales Buy 1 Million ETH

Ethereum's price experienced a significant pullback, falling nearly 10% to $2,530 after encountering resistance at the $2,800 mark. This correction sparked a wave of bullish sentiment among market participants, particularly whales, who saw the dip as an opportunity to accumulate more ETH. Prominent analysts and on-chain platforms confirmed substantial whale purchases, including a notable accumulation of 1 million ETH worth over $2.5 billion within a 48-hour period. This aggressive buying by whales indicates a strong belief in Ethereum's potential for growth, despite the recent price decline.

The current pullback is viewed by many analysts as a perfect entry point for sidelined market participants. Ethereum's fundamentals remain robust, with the highest net flows compared to other blockchains. This suggests that the underlying strength of the Ethereum network continues to attract significant investment, further bolstering the bullish outlook. Analysts highlight that the recent price correction does not indicate a weakening of Ethereum but rather presents an opportunity for strategic accumulation.

Prominent analyst Captain Faibik shared his opinion that Ethereum has formed an ascending triangle pattern, predicting that the second-largest cryptocurrency could reach $3,600 by the end of June. This forecast aligns with the broader bullish sentiment, as other analysts also anticipate a significant price increase following the current consolidation period. Trader Tardigrade, for instance, expressed optimism that Ethereum is poised for a substantial pump higher once the market stabilizes.

Overall, the recent pullback in Ethereum's price has not dampened the bullish sentiment among market participants. Whale activity and strong fundamentals continue to support a positive outlook for Ethereum, with many analysts predicting further price appreciation in the near future. The current market conditions present an opportunity for investors to accumulate ETH at a discounted price, positioning themselves for potential gains as the market recovers and continues its upward trajectory.