In light of a sharp price decline for Ethereum, triggered by geopolitical events, a major investor seized the opportunity to accumulate the cryptocurrency.
Large ETH Purchase During Market Downturn
Wallet address 0x7355...213 purchased approximately 9,400 ETH (about $39 million) on June 22, increasing its total ETH holdings to $330 million. This purchase occurred even as ETH showed one of the worst performances among top cryptocurrencies over the past 24 hours, falling by 12.80% to $2,155.
Buying Signals from Ethereum Giants
Glassnode data indicates that Ethereum wallets holding more than 10,000 ETH increased their positions on the day the US launched airstrikes on Iran and in the following days. On June 21, these mega-whales scooped up over 116,893 ETH worth $265.30 million, suggesting they perceived the decline as a buying opportunity.
Price Recovery Forecasts for ETH
Market analysts note that ETH is holding above a key ascending trendline, which may lead to significant rebound in the coming days. If this pattern plays out, ETH could rebound towards the $2,735 resistance level, representing a potential increase of about 25% from current price levels.
In conclusion, despite the overall market conditions, large investors continue to accumulate Ethereum, suggesting a positive sentiment towards future growth.
