Ethereum Whales Accumulate 1 Million ETH Amid Price Drop Below $3,000: Will a Bull Rally Follow?
Ethereum’s (ETH) price has faced a significant 30% decline since mid-December 2024, following Bitcoin’s (BTC) sharp fall below $90K. However, large investors, commonly referred to as whales, have seized this opportunity to increase their ETH holdings by over 1 million coins since the beginning of 2025. This accumulation hints at bullish sentiment, but the key question remains: will Ethereum’s price rebound and trigger a new bull rally? 
Current Market Performance
- ETH Price Update: Ethereum is currently trading at $3,188.5, reflecting a 4.93% decline from its daily high of $3,255.6.
- Recent Low: On Monday, ETH hit a daily low of $2,920 before recovering toward the $3,200 range.
Whale Accumulation Trends
On-chain data from Santiment shows that whales have increased their ETH holdings from 104.2 million to 105.29 million ETH since the start of 2025. A sharp spike in high-value transactions exceeding $100,000 and $1 million was observed when the price dropped below $3,000, indicating that whales were buying the dip.
Moreover, the supply of ETH on centralized exchanges has dropped significantly, declining 2% from 10.67 million to 10.38 million ETH—equivalent to 29,000 ETH withdrawn from exchanges. This reduction suggests that more investors are transferring ETH to private wallets, signaling a bullish outlook.
Technical Analysis: Bullish Patterns and Key Levels
Ethereum’s recent price action formed an inverse head-and-shoulders pattern, a bullish technical setup characterized by three troughs—the “head” and two “shoulders.” If the neckline resistance at $4,096 is broken and flipped into support, a 44% rally toward $5,825 is projected.
- Support Levels: $3,029, $2,739, and $2,566.
- Resistance Levels: $3,278, $3,600, $3,843, and $4,000.
Clearing these resistance points is crucial for ETH to sustain its upward momentum and reach the bullish target.
Market Outlook
The accumulation of ETH by whales, combined with the declining exchange supply, suggests strong buying interest despite recent volatility. If Ethereum can overcome key resistance levels, the path to significant gains remains open. However, failure to breach critical price points may result in extended consolidation or further corrections. Investors are advised to monitor these key levels and market trends closely as Ethereum’s price recovery unfolds.
