At press time, Ethereum (ETH) was trading at $2,056, down 5.56% on the daily charts, adding to its weekly losses. Interestingly, amid this market pullback, whales and institutional investors took the opportunity to accumulate ETH.
Ethereum Whales Continue to Buy the Dip
Although Ethereum performed relatively poorly through 2026, whale activity remained high.
Spot data on average order size showed large whale orders for two consecutive months. While some whales sold during this period to reduce their exposure, others continued to accumulate.
Onchain Lens reported that four wallets belonging to the same whale withdrew 32,880 ETH, worth $70.03 million.
The whale created these wallets 113 days ago, suggesting that it was patiently waiting to enter the market. Such a strategic entry indicated that the whale viewed the prevailing conditions as ideal for repositioning.
In addition to the whale accumulation, institutional investors continued to purchase ETH. Notably, Bitmine continued its buying spree, accumulating 45,000 ETH worth $95.3 million.
Rising whales and institutional accumulation signal sustained confidence in ETH despite recent performance. Additionally, prolonged periods of high buying pressure increase scarcity, which in turn boosts price performance.
In fact, Exchange feeds validate this increasing scarcity. According to data from CryptoQuant, Ethereum’s exchange supply ratio has fallen to its lowest level since 2017.
Such a massive slide suggests that market participants are accumulating ETH more than ever, especially now that institutions are part of the market.
Is there enough demand to boost ETH?
Although ETH has struggled to maintain its upward momentum, low market demand is not the main driver. Instead, ETH is seeing strong accumulation among all market participants.
However, despite a solid whale and institutional positioning, ETH remains locked in a bearish structure. The bearish trend is intensifying and the Relative Strength Index (RSI) confirms this weakness.
At press time, the RSI made a bearish crossover, falling to 47, indicating weakening market demand. At the same time, ETH fell below its 20-day and 50-day EMAs, confirming the strength of the trend.
Such market conditions portend continued weakness if external market forces remain unfavorable. Under such circumstances, ETH could break below the $2,000 support and look for support around $1,930.
However, if external market forces calm down while whales and institutions continue to accumulate, ETH could reclaim $2,100 and target $2,397.
Final summary
- The Ethereum whale accumulated 32,880 ETH, worth $70.03 million, while Bitmine added 45,000 ETH worth $95.3 million.
- ETH remains stuck in a bearish structure, although the exchange supply ratio has fallen to 2016 levels.
