- Ethereum dropped 10% amid Middle East tensions, but whale wallets accumulated 1.49 million ETH, signaling growing confidence from large holders.
- Analysts believe ETH could rebound to $3,200 if it breaks its current range, with $2,100 as the key support to watch.
Ethereum (ETH) took a hit this week, sliding nearly 10% after tensions between Israel and Iran shook global markets. But while panic gripped retail investors, whale wallets appeared to spot an opportunity in the chaos.
Whales Accumulate 1.49M ETH Amid Fear
New on-chain data from Santiment reveals that Ethereum whales — wallets holding between 1,000 and 100,000 ETH — have collectively scooped up 1.49 million ETH in the past month. That’s a 3.72% increase in holdings, pushing their total to 26.98% of the entire ETH supply. This quiet accumulation suggests that smart money may be bracing for a significant price move.
Ethereum Price Forecast: Can ETH Hit $3,200 Soon?
Despite the recent drop, analysts remain optimistic. Some see Ethereum’s current trading pattern as a bullish setup — with $3,200 as a potential short-term target if ETH can break above its current range. With reduced selling pressure and steady whale support, this breakout scenario is becoming increasingly plausible.
Key Level to Watch: $2,100 Support Zone
While optimism brews, analysts are keeping a close eye on the $2,100 level. If Ethereum breaks below this critical support, further downside could follow. On the flip side, holding above $2,400 keeps hopes alive for a rebound and eventual rally.
Monthly Chart Signals Echo 2023 Surge
Interestingly, Ethereum’s monthly chart is flashing a rare pattern that previously appeared ahead of its 2023 price surge. If history repeats, ETH could rebound strongly — potentially reclaiming its all-time high by October.
Ethereum’s latest dip might look alarming at first glance, but whale accumulation paints a different picture. As big players continue to buy, ETH could be setting up for a significant comeback. Traders should watch the $2,100 and $2,400 levels closely — because the next move might just be explosive.
