An Ethereum whale re-entered the market with a significant $17.5 million purchase of 7,448 ETH, a move that suggests renewed confidence in the token's price stability above the $2,300 level. The transaction occurred just three days after the same entity had sold a larger position.
The activity, first reported by on-chain analytics platform Lookonchain, shows wallet 0x65B4 executing the buy order at an average price of $2,350.00 per ETH. This follows a sale of 10,829 ETH at approximately $2,300.00, which netted the seller around $24.9 million.
"The decision to accumulate at a higher price than the exit point suggests the operator views current levels as a buying opportunity," Lookonchain analysts noted. The rapid turnaround leaves the whale with a smaller net position but signals a clear investment thesis that the recent market bottom is holding firm.
This whale's trading occurred after a period of instability for Ethereum, which saw prices dip following an exploit related to KelpDAO that impacted the Aave lending protocol. The whale's re-entry at a premium suggests a belief that the sell-off was a temporary shock rather than a sustained downturn. The 50-day exponential moving average for ETH currently sits near $2,330, reinforcing this zone as a technical support level.
On-Chain Data Signals Broader Support
The whale's transaction is not an isolated event. The move coincides with other large-scale accumulations, pointing to broader institutional conviction. Bitmine, a significant holder, added 101,627 ETH worth approximately $233 million to its holdings, further cementing the thesis of demand at these prices.
These large transactions provide a transparent look into the strategies of major market participants. While not a direct predictor of future price movements, such significant and rapid re-entries are often interpreted by traders as a bullish signal, potentially strengthening support at key psychological and technical levels.
This article is for informational purposes only and does not constitute investment advice.
