Ethereum Whales Accumulate 1 Million ETH Amid 65% Price Drop

Ethereum whales have intensified their accumulation of ETH as prices show signs of recovery. From January to June, these large holders added over 1 million ETH to their holdings, demonstrating a strategic long-term accumulation strategy. This behavior is particularly notable given the significant price decline Ethereum experienced during this period, dropping from around $3,700 in December 2024 to $1,300 by mid-March 2025, a 65% decrease. Despite this volatility, whale addresses holding between 1,000 to 10,000 ETH continued to increase their holdings, rising from 13.2 million to 13.6 million ETH.

June marked the peak of ETH whale accumulation, with holdings reaching 14.2 million ETH as prices stabilized between $1,800 and $2,400. This period saw the highest values in net position charts, indicating that whales were heavily accumulating ETH during this oversold condition while retail investors were panic-selling. This pattern of selling low and buying back higher during rebounds is a classic whale behavior, showcasing their confidence in ETH's recovery.

Recent on-chain data reveals that four days ago, two wallets sold 4,598 ETH at $2,383, converting to $10.95 million DAI. However, just three hours before the latest report, the same wallets repurchased 4,455 ETH for the same amount, this time paying $2,459 per ETH, accepting a loss of 142 ETH, or $353,000. This behavior underscores the whales' strategy of accumulating during market lows and selling during rebounds, further reinforcing their long-term confidence in Ethereum.

The accumulation by whales has led to a significant contraction in Ethereum's supply, with whale wallets accumulating over 1 million ETH in a single day, marking the largest daily accumulation on record. The balance of whales holding between 10,000 and 100,000 ETH has remained stable since the beginning of the week, rising by a mere 7,000 ETH. This stability suggests that these large holders are confident in the long-term prospects of Ethereum and are positioning themselves accordingly.

Ethereum's price has shown signs of recovery, posting a mild gain over the last 24 hours. This recovery has been driven by a combination of factors, including the easing of geopolitical tensions and the accumulation by whales. The recent price action has been marked by a sharp recovery from the $2,200–$2,240 liquidity block, with the daily chart showing ETH forming a bullish engulfing pattern. This pattern often precedes strong breakouts and suggests that Ethereum could be poised for further gains.

The recent price action has also been influenced by the broader market response to geopolitical easing. The announcement of a ceasefire between Israel and Iran eased geopolitical tensions and triggered a sharp rebound across the crypto market. Ethereum, which had briefly broken down below the $2,200 mark, has since reclaimed key resistance near $2,444, indicating growing strength among bulls.

Despite rising optimism, the macroeconomic backdrop remains fragile. Recession fears in the U.S. continue to build as leading indicators flash warning signs, and tightening global financial conditions may pressure risk assets in the coming months. Yet in the crypto space, focus is shifting toward Ethereum’s performance as the likely spark for the long-awaited altseason.

Ethereum's role as the leading altcoin makes its performance critical for broader market direction. A confirmed breakout here could trigger renewed confidence across the altcoin market and open the door for the long-awaited altseason. For now, bulls are in control—but Ethereum must hold current levels and push higher to keep the momentum alive and avoid another retracement into bearish territory.

The recent price action forms what could be a classic “fakeout” and re-entry into range — a pattern that often precedes strong breakouts. To confirm a trend reversal, Ethereum needs to push and hold above the $2,650–$2,800 resistance band. If bulls can sustain this pressure, a run toward the March highs near $3,200 becomes increasingly likely. However, failure to build momentum here could see ETH range-bound or even revisit support near $2,200. For now, the trend is shifting in the bulls’ favor, with a breakout scenario back on the table.