- Ethereum Whale increased by ETH dollars by $ 39 million after operating the key support of $ 2,116.
- Is this the silent accumulation phase before a break from Q3?
After the recent market correction, Ethereum (ETH) experienced a notable peak in the activity of whales. In fact, a large portfolio accumulated 17,070 ETH, worth around $ 39 million, shortly after ETH operated the level of support of $ 2,116.
According to Ambcrypto, the timing here is revealing. While retail traders are always on board, this whale has seen the “dip” as an opportunity.
And historically, when whales intervene like this during the fear of fear, it often marks a local background, or at least a phase of stabilization of the market.
Having said that, Ethereum is quietly laid the basics of a bullish Q3?
Panic sale meets strategic purchase
Until last week, Ethereum was on the right track to close the second quarter with robust yields approaching 40%, maintaining the company’s support above $ 2,500 and maintaining the FOMO of the market in life.
However, after a strong correction of 13%, these gains almost reduced by half. Once the ETH slipped below $ 2,500, whales and regular traders began to take advantage to lock the gains and hear other losses.
Interestingly, punctual exchanges have seen nearly 50,000 ETH take place while investors have moved chain funds. But now it seems that this incoming liquidity becomes systematically absorbed.
According to Glassnode, the number of whale portfolios containing more than 1,000 ETH jumped for a 30 -day 63 -day gain, against 39 there is barely one day. It is a strong increase in great players quietly stacking more eth despite the recent decline.
Source: Glassnode
Looking at the post-root cycle, the price of Ethereum rallied more than 100% within two months, decisively breaking the resistance of $ 2,800.
This race was also supported by a big jump in the accumulation of whales. In fact, at one point, more than 100 new whale wallets appeared in one day.
If history is repeated, Ethereum could be on the right track to see a price similar to mid-3?
Ethereum’s high stake game
A peak in the profits made does not mean even more in a distribution phase. However, data on Ethereum chain flash warning signs.
The losses made reached a weekly summit of $ 311 million. Even more revealing? It is the second time in less than ten days that the Ethereum’s net profit / net loss overthrew negative.
It is a sign that confidence slips. Merchants do not wait for a rebound; They sell at a loss just to reduce exposure. Such behavior generally surfaces during corrections at an advanced stage or the early capitulation phase.
Source: Glassnode
Nor is it the first time we have seen that. Back before the April rebound, Ethereum sang at around $ 1,440, coinciding with a clear increase in losses made.
This massive outing helped reset the market before real accumulation launched. So, sure, the whales that buy here are a good sign, but it is not a miracle solution.
Without a change of momentum and a broader feeling, a bullish Q3 remains a potential scenario, not a certainty.
