$1.12 Billion Worth of ETH Accumulated in Just Two Days
On-chain analytics platform Lookonchain has revealed impressive accumulation activity. In a span of just 48 hours, several whale addresses have scooped up a total of 323,523 Ethereum, worth approximately $1.12 billion. These massive movements come precisely as ETH tests critical support levels around $3,200.
The largest transaction came from a whale who acquired 257,543 ETH valued at $896 million, at an average price of $3,480 per token. This monumental operation alone represents nearly 80% of the total accumulated volume during this period. Another group of addresses, nicknamed the “seven brothers” by Lookonchain analysts, collectively added 37,971 ETH to their wallets, worth approximately $133 million, with an average entry price of $3,515.
On-chain analysis also reveals the participation of a whale known for swing trading operations via OTC (over-the-counter) transactions. This address acquired 14,004 ETH worth approximately $45.5 million, with almost perfect timing. The average purchase price of $3,247 corresponds exactly to the local bottom reached by ETH during this correction. Two freshly created wallets also joined the action by buying 10,000 and 4,005 ETH respectively, adding more than $47 million to this accumulation wave.
The $3,200 Level Becomes a Strategic Support
This massive accumulation below $3,400 is no coincidence: It has defended the critical $3,200 support. The influx of large wallets creates a solid zone, as institutional investors protect their positions. Historically, when whales accumulate within a narrow range, it often precedes consolidations followed by rebounds, with an average accumulation price around $3,469 serving as a technical reference.
If ETH manages to maintain stability above the $3,200 support, the next technical target sits around $3,800, with a possible reconquest of $4,000 if a strong weekly close is confirmed. However, the market will need to digest the current volatility and validate this support with several stabilization candles. This on-chain dynamic, coupled with whale accumulation, outlines a potentially bullish scenario for the coming weeks.
Simultaneously, the Ethereum network demonstrates its technical robustness, having reached an all-time high of 24,192 transactions per second (TPS) thanks to Layer 2 solutions and optimizations of the main network. This performance underscores Ethereum’s fundamental strength, regardless of price corrections, and shows that the current decline is mainly due to profit-taking and short-term market sentiment.
Active addresses and stablecoin volume are exploding, a sign that accumulation phases often precede bullish rallies. Automate your ETH trades with free bots on Pionex and never miss another opportunity!
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