- Ethereum has dropped 13% to around $2,200 due to escalating Middle East tensions, but whales have accumulated over $300 million in ETH, signaling institutional confidence.
- If the $2,150 support level holds, analysts believe a 25% price recovery toward $2,735 is possible.
Ethereum (ETH) is navigating a critical technical and geopolitical storm after dropping 13% in one week to trade around $2,200. Despite this sharp decline, major Ethereum whales have been actively accumulating, signaling institutional belief in a rebound.
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Ethereum Whales Accumulate $39M Amid Price Drop
On June 22, a prominent Ethereum whale purchased 9,400 ETH worth $39 million, bringing their total holdings to $330 million. This move wasn’t isolated—Glassnode data shows that wallets with over 10,000 ETH added 116,893 ETH, worth $265 million, just a day earlier. This aggressive accumulation reflects a “buy-the-dip” mindset among long-term investors, even as the broader crypto market wobbles.
Technical Picture Mixed but Recovery Possible
ETH is holding above a long-term rising trendline that previously supported a 55% rally earlier this year. Market analyst Sensei believes that if Ethereum maintains support above $2,150, it could attempt a rally toward $2,735—a 25% gain from current levels.
However, the short-term technical indicators are not all bullish. Ethereum is trading below both the $2,362 support level and its 50-day EMA at $2,416. Its RSI hovers at 34, indicating the coin is near oversold territory, while the MACD shows a bearish crossover, hinting at continued pressure.
Downside Risks Remain If Key Levels Break
If ETH fails to hold above the $2,150 support zone, analysts warn that prices could slide toward $1,954 or even $1,750. Further fueling bearish pressure is the movement of 129,392 ETH—worth $313 million—from a dormant whale wallet to Coinbase. Such large exchange inflows often precede selling.
Ethereum Price Outlook Hinges on Geopolitical Stability
Ethereum’s underperformance compared to Bitcoin (12.8% vs. 4.7% weekly losses) is largely tied to rising Middle East tensions, particularly US military action in Iran. With the market in a risk-off mode, traders are watching Bitcoin’s next move closely, as ETH typically follows its lead.
Despite immediate bearish signs, whale accumulation suggests confidence in ETH’s long-term value. If Ethereum holds the $2,150–$2,200 zone, a 25% recovery remains on the table.
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