Whales Gobble 450K ETH in Weeks – Is This the Start of a New Ethereum Rally?
Smart money isn’t just dipping toes—it’s diving headfirst into Ethereum. Over 450,000 ETH snapped up in a concentrated buying spree signals big players are betting heavy on ETH’s next move.
Behind the surge: Institutional wallets and known ’smart money’ addresses have been quietly accumulating since mid-April. On-chain data shows purchases accelerating as ETH hovered near $3,800—a level traders now watch like hawks.
Why it matters: When crypto’s sharks feed this aggressively, retail usually follows. Though let’s be real—by the time your broker ’approves’ your ETH trade, the whales will have already moved the market.
The cynical take: Wall Street’s late to the party again, scrambling to ape into crypto between golf rounds. Meanwhile, Ethereum’s actual builders keep shipping upgrades while financiers play catch-up.
Smart Money Backs Ethereum As Bulls Defend Key Support
Ethereum is showing renewed bullish strength as market sentiment turns optimistic across the crypto landscape. After surging more than 50% in recent weeks, ETH is holding above the $2,400 level, a key support zone that traders and analysts alike are watching closely. To solidify a bullish phase and confirm the start of a sustainable rally, bulls must push Ethereum decisively above the $2,800 mark. This would trigger fresh momentum and potentially unlock a path back toward the $3,000–$3,200 region.
Despite the positive signs, risks remain. Ethereum is still down approximately 36% from its December 2024 high NEAR $4,100. This gap highlights the work bulls still have to do to fully reverse the broader downtrend. The recent pause below resistance is a natural cooling-off phase, but if ETH fails to hold above support, bearish pressure could return quickly.
Still, institutional confidence appears to be growing. According to data shared by top analyst Ali Martinez, smart money has accumulated over 450,000 ETH in the past month. This surge in whale accumulation suggests a longer-term bullish outlook, as large holders typically buy during moments of market consolidation to position for future upside.
If bulls succeed in defending $2,400 and break through the $2,800 ceiling, Ethereum could become the catalyst for a broader altcoin rally—possibly marking the beginning of a new altseason.
Price Action: Key Levels In Focus
Ethereum (ETH) is currently trading around $2,493 after failing to sustain momentum above the $2,700 mark. On the 4-hour chart, we can observe a clear break in the steep uptrend that started in early May. After an explosive surge from below $2,000, ETH rallied aggressively, but is now entering a corrective phase marked by lower highs and increasing selling pressure.
The price is approaching the $2,480–$2,460 region, which could serve as short-term support. If that zone breaks, the next confluence of interest lies near $2,300. Volume has slightly declined during this retracement, suggesting that sellers are cautious rather than dominant. However, failure to hold above $2,400 could shift sentiment and invite deeper pullbacks.
The 200-period EMA and SMA on the 4-hour chart sit well below the current price, at $2,084 and $1,936 respectively, indicating that ETH is still in bullish territory from a trend perspective. These moving averages could serve as dynamic support if the correction intensifies.
Overall, Ethereum remains in a strong uptrend, but the current pullback suggests a consolidation phase is underway. Bulls need to defend key levels and break above $2,700 again to regain upside momentum and aim for the $2,800–$3,000 range.
Featured image from Dall-E, chart from TradingView
