Ethereum Whale Buys 23K ETH Amid Recent Dip, What’s Next?

In a riveting turn of events, an Ethereum whale has bought a whooping 23K ETH amid the crypto market’s recent turbulent action. This development has sparked market optimism over future movements. On-chain data on Tuesday indicated that a whale bagged nearly $77 million worth of the second-largest crypto by market cap as the asset’s price flirted around the $3,300 mark. As a response, market enthusiasts now eye a $10,000 price target for ETH as 2025 is set to kick off.

Ethereum Whale Bags Heavily Signaling Remarkable Gains Ahead

According to an X post by Lookonchain on December 31, an Ethereum whale was recorded accumulating 22,919 ETH, worth $77.2 million, amid the coin’s recent volatile action. As per the data, the wallet address 0x6c.. was recorded to have made the massive accumulation.

Notably, this massive buying took place at an average ETH price of $3,368. Meanwhile, the trading strategy has garnered additional attention, primarily in light of the trader’s previous profit-making strategies. Data indicated that since August 12, the same whale was recorded as making 25 swing trades in ETH and WBTC. Moreover, 21 of these proved highly profitable, underscoring a win rate of 84% and a profit of $4.57 million.

In light of these past profit-making strategies, market watchers are now eyeing the $3,300 price mark as the Ethereum whale bagged heavy amounts at this level, with investors expecting gains in the top crypto’s price as soon as next year.

What’s Next For ETH?

At the time of reporting, ETH price was down by roughly 2% intraday and is currently trading at $3,353. Its 24-hour low and high were $3,298.80 and $3,425.80, respectively. Notably, the waning price action aligns with the broader trend and a holiday sentiment brewing across the broader landscape. Nevertheless, market participants remain optimistic about the asset’s long-term prospects.

A recent ETH price analysis by CoinGape indicated that the token could rally and hit a $10,000 price level ahead. This bullish prediction comes against the backdrop of historical trends and strong market technicals. As a result, market watchers anticipate phenomenal gains in the asset’s price, with bullish sentiments further supported by the massive Ethereum whale accumulation.

However, despite the positive predictions, the investors also remained cautious amid the recent developments in the market. For context, Justin Sun has recently deposited 29,153 ETH to HTX, sparking discussions over the potential reason behind the transfer.