Featured News Headlines
Ethereum Whales Load Up Ahead of Potential $3,200 Breakout
Ethereum Whales – Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, faced significant downside pressure this week. On Thursday, ETH price dropped nearly 10%, breaking below key support levels. The correction came amid growing geopolitical tensions in the Middle East, particularly following renewed conflict between Israel and Iran.
Smart Money Accumulates Amid Retail Selling
While retail traders have been exiting positions and taking profits, on-chain data reveals a different trend among large holders. According to analytics firm Santiment, Ethereum whales—wallets holding between 1,000 and 100,000 ETH—have been quietly accumulating. In the past 30 days, these addresses added approximately 1.49 million ETH, a 3.72% increase in holdings.
There are now 6,392 whale wallets, collectively controlling 26.98% of Ethereum’s total circulating supply. This accumulation suggests growing confidence among long-term investors and could indicate bullish sentiment beneath the surface.
Can Ethereum Reach $3,200?
Despite the recent downturn, some analysts maintain a positive outlook. A popular crypto market analyst noted that if ETH breaks above its current range, it could target $3,200 by late June or early July. The analyst also highlighted a bullish pattern on Ethereum’s monthly chart—a setup last seen before ETH’s major rally in 2023.
$2,100: Key Support Level to Watch
Currently, the critical support level to monitor is $2,100. A drop below this level may open the door for further downside. However, with bearish sentiment easing and large holders accumulating, Ethereum may have already found its bottom.
There is also speculation of a summer lull, a common slowdown in crypto markets during mid-year months, which could lead to sideways trading before a potential year-end rally.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
