Ethereum Bulls Strike Back: $3,400 Dip Sparks Major Accumulation—Here’s the Damage
Ethereum's sub-$3,400 plunge has turned into a feeding frenzy. Buyers just vacuumed up millions worth of ETH—here’s what the charts reveal.
The Dip That Roared
After weeks of sideways action, Ethereum’s drop below $3,400 triggered a buy-the-dash mentality. On-chain data shows whales and retail traders piling in, with accumulation levels not seen since the last major correction.
Numbers Don’t Lie
Over 120K ETH scooped up in 48 hours—worth roughly $408M at current prices. The move suggests strong conviction from buyers who’ve been waiting for a re-entry point. Meanwhile, crypto Twitter oscillates between ‘generational buying opportunity’ and ‘dead cat bounce.’
What’s Next?
If history repeats, this could fuel the next leg up. Or, as skeptics love to remind everyone: ‘Past performance doesn’t guarantee future results’—especially in a market where ‘fundamentals’ are often just vibes and memes.
Whales Scoop Up $1.12 Billion Worth Of ETH In 48 Hours
Data from the on-chain analytics platform Lookonchain shows that some ethereum whale addresses have accumulated a combined 323,523 ETH, valued at approximately $1.12 billion, within the past 48-hour period.
One of the biggest purchases came from a whale who bought 257,543 ETH, worth about $896 million, at an average price of $3,480 per ETH. Another cluster of addresses, referred to as the “seven siblings” by Lookonchain, collectively added 37,971 ETH worth $133 million at an average price of $3,515.
The data also revealed participation from a whale known for swing trading Ethereum through over-the-counter deals, who acquired 14,004 ETH for about $45.5 million. This address bought these ETH at an average price of $3,247, which was exactly around the recent price low.
Two newly created wallets also bought 10,000 ETH and 4,005 ETH, respectively, totaling more than $47 million combined. In total, whales accumulated 323,523 ETH at an average price of $3,469, showing how most of them are capitalizing on the price break below $3,400.
Price Weakness Might Be Setting Stage For Breakout
Although Ethereum’s drop might have unsettled some traders, the whale accumulation might be pointing to optimistic days ahead. The large-scale accumulation below $3,400 has contributed to the successful defense of $3,200. This follows the trend of accumulation leading to maintenance of support levels.
If ETH maintains stability above $3,200 support and on-chain activity continues to climb, then the price could rebound above $4,000 before the end of the month. The first step, however, in this is for Ethereum to reclaim $3,800 and register a strong weekly close above the level.
Interestingly, Ethereum’s network performance has maintained its level of robustness despite the market’s correction. The blockchain ecosystem recently achieved a new record throughput of 24,192 transactions per second (TPS), setting a new benchmark for activity across the network.
