The incredible $799 million deal over the last 12 hours was the latest indication of Ethereum’s potential recovery. The $283 million direct purchase, which is said to have been made in-store, is said to be the real deal, despite the total amount including transfers between the internal wallet and exchange.
For each Lookonchain blockchain analysis, whales or facility players have won 108,278 ETH ($283 million) through commercial channels. Galaxy Digital’s OTC wallet supported this move by withdrawing 89,000 ETH ($233.5 million) from the exchange and transferring the entire 108,278 ETH to the whale’s wallet. Currently, 139,476 ETH, or about $365 million, are stored in that wallet.
The risk of price interruption is reduced by such large OTC purchases. This is generally bullish as it shows accumulation without compromising open market liquidity. This behavior is usually done before prices spike, especially when they show increased institutional trust. Technical analysis of Ethereum’s charts appears to support this view. The rising support trend line, which has been formed since early May, has bouncing off nicely by ETH, which has regained levels above $2,650.
More importantly, rebound was accompanied by an increase in volume. This is essential to maintaining bullish momentum. With nearly 63 RSIs still in good health, there is a possibility of upward movement without entering the acquired territory. If ETH exceeds $2,750 resistance, a move in the direction of bullish continuity is seen, which could lead to an elusive psychological level of $3,000.
If the $2,480 and $2,265 support zones break, this move will be invalid, so traders should watch them carefully. In summary, price and volume follow-through determine whether they are witnessing the beginning of a new macro rally or simply a short surge in optimism. One thing is for sure, however, that when the whales begin placing their $280 million bets, they won’t bet on Ethereum deals.