Whales Scoop Up ETH Fast—Is a Break Above $2K Next?

The Ethereum whales are making a surprise comeback, and they are doing so as quietly as they can.

According to insights from LookOnChain, this cohort of investors accumulated millions of dollars worth of ETH through both decentralized and centralized platforms in a space of two hours.

This isn’t the usual noise-driven market hype. Instead, this is a quiet, calculated accumulation. Here’s a breakdown of what’s been going on and why investors should be interested.

Whales Make Moves via Aave and Binance

According to LookOnChain, three separate wallets made massive ETH purchases in a matter of hours this week. The first of these (0xDdb4) borrowed $3.44 million USDC via Aave.

It immediately spent these funds on buying 1,856 ETH through Uniswap and over-the-counter (OTC) addresses.

The transactions appeared to be highly calculated, and showed no signs of speculative farming or risky arbitrage. This was a deliberate move from an experienced whale. A calculated capital rotation into ETH.

Soon after this, wallet 0xf84d mimicked the first whale’s move, but added a few extra steps.

This whale borrowed $1.64 million USDC, but spent $2.34 million to buy 1,259 ETH. This means that it already had stablecoins in reserve.

Again, this move shows that the whale in question had been quietly preparing for this move, and had been quietly accumulating capital off-chain, during the earlier dips.

The third whale, tagged 0x69D0, withdrew 2,250 ETH (about $4.12 million) from Binance.

Interestingly, this wallet was a relatively clean one with no transaction history. No records of swaps, deposits or transfers. This made the withdrawal even more interesting, because speculators wonder why a fresh wallet was making multi-million dollar transactions.

Together, these wallets took in more than $7 million in ETH within two hours. Considering how none of these wallets had previously been linked to known funds or institutions, the scale of these transfers shows that conviction has entered the picture.

Analysts See Incoming Breakout

Ethereum price has been struggling for months, and has recorded bloodbaths for five straight months so far. February alone saw a staggering 32% drop, devastating investors as the cryptocurrency crashed below the $2,000 mark.

So far, the Ethereum price has gained around 16% in the last two weeks and is currently trading above $1,800. This return of the whales comes at a time when the ETH price is showing signs of hope from a historical perspective.

According to analyst Carl Moon, May is statistically one of Ethereum’s strongest months.

The cryptocurrency has only posted losses in three out of the last ten May, with the average monthly gain for the fifth month sitting at over 27%.

So far, crypto analysts are starting to compare Ethereum’s current market performance to that of previous bullish cycles.

For example, Merlijn The Trader says that there are similarities between Ethereum’s present setup and Bitcoin’s bullish outlook back in 2020–2021.

If this analogy holds water, Ethereum could be in for a major breakout. Another analyst, SHERIFF, noted that ETH’s downtrend has been followed by extremely low sentiment and volatility.

While this sounds bearish at face value, SHERIFF believes this is exactly when “the next big move brews.”

Overall, whether ETH will reclaim its previous highs in the coming weeks remains to be seen. However, if these whales are right, this could be the quiet phase before a bullish storm.

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