Ethereum Whales Buy $263 Million Amid 12.8% Price Dip

Ethereum whales have been actively accumulating the cryptocurrency amid recent market volatility, purchasing over $263 million in ETH. This accumulation comes despite a significant price dip triggered by geopolitical tensions, particularly US airstrikes on Iran. The sharp decline in Ethereum's price, which dropped approximately 12.8% to near $2,155, has not deterred large holders from increasing their stakes. Notably, a single whale wallet acquired around 9,400 ETH, valued at $39 million, across two transactions on June 22. This purchase increased the wallet’s total holdings to an estimated $330 million in Ether.

This aggressive accumulation during a market sell-off underscores a strategic “buy the dip” approach rather than panic selling. Data from Glassnode reveals that Ethereum wallets holding over 10,000 ETH collectively added more than 116,000 ETH (worth approximately $265 million) on June 21 alone. These mega-whales appear to be positioning themselves advantageously amid market uncertainty, reflecting a robust conviction in Ether’s medium to long-term value proposition.

The recent price volatility in Ethereum coincides with heightened geopolitical risks, particularly the US military’s direct engagement in the Israel-Iran conflict. Such events typically trigger risk aversion across financial markets, including cryptocurrencies. Despite this, Ether’s underperformance relative to Bitcoin—losing nearly 13% compared to Bitcoin’s 4.7% dip—has not dissuaded large holders from increasing their stakes. This divergence highlights a nuanced market sentiment where whales perceive current prices as attractive entry points rather than signals to liquidate.

Technical analysis provides further optimism for Ether’s near-term trajectory. Market analyst Sensei highlights that ETH is currently maintaining support above a critical ascending trendline, a level that previously catalyzed a 55% rally between April and May 2025. Should this pattern replicate, Ether could see a rebound toward the $2,735 resistance zone, representing a potential 25% upside from current levels. This technical setup aligns with the observed whale accumulation, suggesting that both on-chain activity and price action are converging toward a bullish outlook. Investors and traders should monitor these key support and resistance levels closely, as a sustained bounce could mark the beginning of a broader recovery phase for Ethereum.

The confluence of whale buying and supportive technical patterns presents a compelling case for cautious optimism in Ethereum’s short-term outlook. For institutional and retail investors alike, the current environment may offer strategic opportunities to increase exposure to ETH at discounted prices. However, given the ongoing geopolitical uncertainties, maintaining disciplined risk management practices remains essential. Furthermore, the increased deployment of ETH through liquid staking protocols like Lido indicates growing confidence in Ethereum’s staking ecosystem, which may contribute to reduced circulating supply and enhanced price support over time.

Ethereum’s recent price dip amid geopolitical tensions has been met with significant accumulation by whales, signaling strong buy-the-dip sentiment. Coupled with technical indicators pointing to a potential 25% rebound, Ether appears poised for a recovery in the near term. Market participants should remain attentive to evolving geopolitical developments and key technical levels, as these factors will likely shape Ethereum’s price trajectory in the coming weeks.