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Ethereum Price Plunges Under $4,000 While Whales Snatch Millions of ETH
Ethereum has continued its downward trend, recently dipping 1.84% over 24 hours to trade around $3,943, falling below the psychological $4,000 mark. This movement has polarized market sentiment. While analysts like Peter Schiff warn of a looming bear market, others see the decline as a prime opportunity for long-term accumulation.
Whales Accumulate Despite Bearish Signals
Data from Lookonchain shows that over the past two days, 15 wallets received 406,117 ETH, valued at roughly $1.6 billion, from major platforms including Kraken, Galaxy Digital, BitGo, and FalconX. Analysts note these “accumulator” wallets are linked to long-term holder behavior, buying strategically while refraining from selling. Notably, on September 18, nearly 1.2 million ETH were absorbed by these wallets—a historic record for Ethereum.
Analyst Cas Abbé commented, “Whales have already started accumulating, and soon institutions will do the same.” Market strategist Shay Boloor emphasized that institutional backing and stablecoin demand on Ethereum further underline its resilience despite short-term volatility.
Leveraged Traders Hit Hard
The price drop inflicted significant pain on leveraged traders. Coinglass data shows 246,601 traders liquidated in the past 24 hours, totaling $1.13 billion, with Ethereum accounting for $409.6 million. Over-leveraged positions on Binance, Bybit, and OKX were cleared, reducing Open Interest and potentially setting the stage for market stabilization.
Potential for Recovery
While short-term volatility persists, the combination of whale accumulation, institutional interest, and strategic buying suggests that Ethereum’s current dip may serve as a foundation for upward momentum. Analysts and market observers continue to watch economic indicators and institutional flows to gauge ETH’s next trajectory.
