When the recent market-wide sell-off was initially ignited by US airstrikes against Iran, one Ethereum whale took advantage. Together, they raised a mind-bending $39 million in Ether (ETH). This acquisition indicates a high level of confidence in the long-term prospects of Ethereum’s overall ecosystem, even after a period where Ethereum has generally underperformed relative to other cryptocurrencies. The whale’s buying behavior indicates a smart investment strategy in a turbulent market.

Whale Activity During Market Dip

On June 22, the largest Ethereum whale address gave us a sign. With wallet address 0x7355…213, they bought about 9,400 ETH for nearly $39 million. These acquisitions were carried out in two large waves. This wave of buying raised the whale’s total Ether holdings to a jaw-dropping $330 million.

That’s quite a buying spree, to say the least. What’s more, it occurred even as Ether was one of the overall top seven worst-performing major cryptocurrencies over the past 24 hours. The whale’s exuberation is a harbinger of another exciting trend observed on June 21. That day, Ethereum mega-whales partnered to purchase more than 116,893 ETH worth an impressive $265.30 million.

Strategic Accumulation

The Ethereum whale’s recent accumulation reflects a smart planning long-term attitude. Instead of freaking out when prices dropped, the whale treated it like a buying opportunity. Data indicates that Ethereum wallets holding 10,000 ETH or more increased their net positions both on the day of the US airstrikes and in the days leading up to it.

This trend is a signal that the whales of ETH are not scared by the transient price action. In total, whales accumulated $263.5 million worth of ETH at the deep price drop. And Glassnode’s aggregated data tracking of broader whale holding patterns indicates a similar upside sentiment.

Potential Rebound

This kind of technical analysis would imply a possible 25% rebound in Ether’s price. Ether is still holding above an ascending trendline of importance. If this position holds, we could see a huge rebound in the days ahead. A prior bounce off the same support floor led to a 55% rally in April-May 2023.

If history repeats itself, ETH might retrace to the $2,735 resistance level. That would amount to an estimated 25% hike from its existing level! This technical outlook, combined with the whale's accumulation activity, paints a cautiously optimistic picture for Ether's near-term future.