Ethereum Whales Buy 1 Million ETH As Price Dips Below $3,000

Ethereum (ETH) has dropped nearly 30% since December 16, 2024, due to Bitcoin’s (BTC) crash under $90K on Monday. The sudden collapse in BTC and the broader crypto market seems to have created an opportunity for whales to accumulate. According to on-chain data, the supply held by whales has grown by more than 1 million ETH since then. With this bullish development, what’s next? A sustained bottom formation or a swift rally beyond 2024 highs? Let’s explore.

Ethereum Price Today: ETH is up 3.01%

After a near-4% crash, Ethereum (ETH) price today trades at $3,227.2 as of 11 PM. As noted above, the token has crashed by nearly 30% since Monday, December 16, 2024. However, on-chain data shows optimism as whales accumulated more than 1,000,000 ETH since the start of 2025. From a daily high of $3,255.6 ETH price is down 3.01% on November 1.

Ethereum Price Chart Today

After setting up a daily low of $2,920 on Monday, Ethereum price chart today shows a recovery to roughly $3,200.

*Ethereum price updated as of 11 PM.

Ethereum Whales Scoop More Than 1 Million ETH Since 2025

Data from Santiment shows that whales have increased their holdings from 104.2 million to 105.29 million since the start of 2025. The orange line in the chart attached below represents these high-net-worth investors, and it has been on an uptrend, showcasing ETH’s bullish fundamentals.

To further validate this idea, we can look at the whale transaction count worth more than $100K and $1M. On Monday, when Ethereum dropped below $3,000, similar whale transaction counts spiked, indicating that whales bought the dip. These two entities, represented with yellow and blue spikes, can tell if whales bought the dip or were responsible for a correction. If these transactions occur after a crash, it can be viewed as a buy-the-dip activity. For example, the December 31 dip saw a huge spike in both such transactions, which led to the Ethereum price rally from $3,300 to $3,700.

The black stepped line represents the supply of ETH on exchanges. This metric has been dropping for the past month but took a steep plummet after January 6, from 10.67 million to 10.38 million. The 2% decline shows that roughly 29,000 ETH left these centralized entities, which is optimistic.

Ethereum Price Analysis Forecasts If Price Will Recover Now

Technical analysis of Ethereum shows clear signs of recovery after tagging the key support level of $3,029 during a recent crash. Although another dip isn’t likely here, other support levels where a reversal could occur include $2,739 and $2,566.

The bounce from $3,029 has led to the validation of the ongoing inverse head-and-shoulders setup. This technical formation contains three bottom formations that look like a head and two shoulders. Hence the namesake. A flip of the neckline, a trend line connecting the peaks of the head and two shoulders, into support will confirm a breakout. In such a case, the pattern forecasts a 44% rally to $5,825. This target is obtained by measuring the depth of the head and adding it to the breakout point of $4,096.

However, the uptrend to the aforementioned level is not easy. Ethereum price prediction notes a few critical resistance levels that could serve as targets for investors who bought the recent dip. These targets include $3,278, $3,600, $3,843, and finally, $4,000 must be overcome. Breaching through these barriers and flipping them into support level will allow the price to kickstart the inverse head-and-shoulders rally to $5,825,

The recent crash in Ethereum’s price has presented a buying opportunity for whales, who have accumulated over 1 million ETH since the start of 2025. With on-chain data showing a decline in supply on exchanges and an increase in whale holdings, the outlook for Ethereum appears bullish. Technical analysis also suggests a potential recovery, with a breakout above $4,096 potentially leading to a 44% rally to $5,825. As Ethereum continues to show signs of recovery, investors may want to keep a close eye on this developing story.