Ethereum Whale Buys $422 Million in ETH Amid 13% Two-Week Decline

Ethereum's price has shown signs of recovery, rising to $2,491 this morning. However, the cryptocurrency remains down by 4% over the past week and by 13% over the past fortnight. The ongoing conflict in the Middle East and uncertainty over tariffs have weighed down altcoin prices, including Ethereum.

Despite these challenges, a significant development has occurred in the Ethereum market. A whale or institution has accumulated $422 million in ETH over the past three weeks. This substantial purchase suggests that the smart money believes in Ethereum's potential for medium- and long-term growth. The whale's actions indicate confidence in Ethereum's fundamentals and its position as the largest layer-one network in the ecosystem.

According to investor Ted Pillows, the whale or institution purchased $8.91 million in Ethereum via Galaxy Digital, bringing the total accumulated to $422 million in less than a month. This purchase is highly bullish for ETH, as it shows that institutions are actively buying the cryptocurrency. The CoinShares Digital Asset Funds Flow report for the week ending June 23 showed that digital funds added $123 million in ETH to their coffers, further supporting the idea that institutions are bullish on Ethereum.

Ethereum's current price is 50% down from its all-time high of $4,800, set in November 2021. This significant discount suggests that the coin is oversold and undervalued, making it an attractive investment opportunity for institutions. The recent and upcoming upgrades to the Ethereum network are expected to make it more efficient as a platform, further supporting its long-term growth potential.

Technical analysis of Ethereum's chart shows that the cryptocurrency is beginning to bounce from a weak position. Its Relative Strength Index (RSI) is almost reaching 50, and its Moving Average Convergence Divergence (MACD) has bottomed out in recent days. These technical indicators suggest that Ethereum may be at the beginning of a growth period.

Based on the current market conditions and the actions of the whale, it is possible that Ethereum will continue to expand and evolve as a layer-one blockchain. The recent and upcoming upgrades to the network are expected to make it more efficient, further supporting its long-term growth potential. According to the analyst's forecast, we can expect to see the Ethereum price reach $3,000 by the end of July and $3,500 by September. However, it is important to note that these are forecasts and not guaranteed outcomes. The actual price of Ethereum will depend on a variety of factors, including market conditions, regulatory developments, and technological advancements.