Ethereum Whale Buys $39M in ETH Amid 12.80% Price Drop

An Ethereum whale recently made headlines by accumulating $39 million worth of ETH during a significant market downturn. This move came amidst a broader market sell-off triggered by escalating tensions in the Middle East, specifically following US airstrikes on Iran. The whale, identified by the wallet address 0x7355...213, purchased approximately 9,400 ETH in two major transactions on June 22, increasing its total holdings to $330 million. This accumulation occurred despite Ether's price falling by about 12.80% in the past 24 hours, underperforming Bitcoin, which lost around 4.70% during the same period.

The whale's actions suggest a strong "buy the dip" sentiment, viewing the market downturn as a long-term investment opportunity rather than a cause for concern. This sentiment is supported by broader whale holding patterns, as Ethereum wallets holding 10,000 ETH or more increased their net positions both on the day of the US airstrikes and in the days leading up to it. On June 21, these mega-whales accumulated over 116,893 ETH worth $265.30 million, indicating a similar bullish outlook.

Technical patterns also suggest a potential rebound for Ether. According to market analyst Sensei, Ether is holding above a key ascending trendline that could lead to a strong bounce in the coming days. A similar bounce from the same support level in April-May 2025 resulted in a 55% rally. If this pattern repeats, Ether could rebound toward the $2,735 resistance level, representing a 25% increase from current price levels.

The whale's strategy of accumulating ETH and deploying it through Lido’s liquid staking protocol further underscores the confidence in Ether's long-term prospects. This move, coupled with the broader whale sentiment, indicates that despite short-term volatility, there is significant interest in Ether as a long-term investment. The whale's actions, along with the broader market trends, suggest that investors are viewing the current market conditions as an opportunity to accumulate more ETH, rather than a reason to sell. This sentiment is further supported by the technical analysis, which indicates a potential rebound for Ether in the near future. Overall, the market's response to the recent events highlights the resilience of Ethereum and the confidence of its investors in its long-term value.