Ethereum whales reappear amidst recent crypto market volatility, as revealed by on-chain data from Onchain Lens and Santiment. It was reported that an old Ethereum ICO participant, with an unrealized 10,663x gain, moved a portion of their holdings (22 ETH), sending the majority to Coinbase. Simultaneously, addresses holding between 10,000 and 100,000 ETH accumulated over 800,000 coins in the last month, marking a clear buy-the-dip strategy.
An intense but stealthy accumulation, highlighted by analyst Ali, suggests that whales are using volatility as a long-term entry opportunity rather than a reason to reduce their exposure. Adding to this strong fundamental support, analyst Merlijn The Trader pointed out on X that the Ethereum weekly chart is developing a potential “Inverse Head and Shoulders” pattern, which they describe as one of the strongest bullish structures for the crypto’s macro context.
To fully validate this bullish technical outlook, the Inverse Head and Shoulders structure requires a clear and decisive breakout above its key resistance zone. Market participants should monitor how ETH price action consolidates near the $3,000 area, where the accumulation by Ethereum Whales is noticeable, to look for confirmation of this long-term reversal base.
Source: https://x.com/OnchainLens/status/1998728950642880582
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