- Ethereum’s price dropped 10% due to rising geopolitical tensions, but on-chain data reveals that whale wallets have accumulated 1.49 million ETH, now holding nearly 27% of the supply.
- Analysts suggest this accumulation could signal a bullish reversal, with price targets set around $3,200 if key resistance levels are broken.
Ethereum Sinks 10% on Geopolitical Fears
Ethereum (ETH) suffered a sharp decline this week, plunging nearly 10% after escalating tensions between Israel and Iran rattled global financial markets. The sell-off dragged ETH’s price below key technical levels, triggering widespread concern among retail investors.
The broader cryptocurrency market has also felt the heat, with many altcoins slipping alongside Ethereum. Yet beneath the surface of panic-driven selling, something unexpected is unfolding: whale wallets—large holders of ETH—are quietly making significant moves.
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Whales Accumulate 1.49M ETH Amid Market Chaos
According to data from crypto analytics firm Santiment, whales have ramped up their accumulation of Ethereum during the recent market downturn. Wallets holding between 1,000 and 100,000 ETH—classified as whales—have collectively added 1.49 million ETH in the last month alone.
This marks a 3.72% increase in their holdings, which now amount to nearly 27% of Ethereum’s total circulating supply. The accumulation suggests that these large investors may be anticipating a rebound, potentially viewing the dip as a strategic buying opportunity rather than a signal to exit.
“Smart money often moves in the opposite direction of panic,” one analyst noted. “Whale activity is often a leading indicator of major price moves.”
Can Ethereum Rebound to $3,200?
Despite the recent drop, many crypto analysts remain cautiously optimistic about Ethereum’s price trajectory. The current trading range has held up relatively well, and if ETH can break out above it, price targets of $3,000 to $3,200 are back on the table.
Some experts warn that the market could enter a “summer lull,” where trading volumes decrease and prices consolidate. However, this could set the stage for a renewed rally in Q3 or Q4 of 2025, particularly if macroeconomic or geopolitical tensions ease.
Key Support Levels and Bullish Signals
Traders are closely watching the $2,400 level as a short-term support zone, with $2,100 identified as a critical danger point. A drop below that could trigger another leg down, but current sentiment suggests limited downside pressure.
Interestingly, analysts have spotted a rare bullish pattern on Ethereum’s monthly chart—a pattern that previously preceded ETH’s explosive rally in 2023. If history repeats, Ethereum could be gearing up for a sustained uptrend that might even challenge its all-time high later this year.
As Ethereum weathers this turbulence, the data shows that large holders are not just holding steady—they’re doubling down. In the volatile world of crypto, that’s often a signal worth watching.