Ethereum Price Eyes Upside as Whales Buy $10M ETH in Hours

The trajectory of the crypto market is slowly taking a bullish note, and so is the Ethereum price as it’s eyeing an upside move amid increased whale involvement. On-chain activity also reveals the increased inflows in ETH exchange-traded funds. Now, just the $10M tokens bought by a set of investors indicate building bullishness, but would the price react? Let’s discuss.

Ethereum Whales Buy $10M ETH, Price to React?

As the fear over the Israel-Iran war among investors subsides, the crypto market has reacted bullishly, settling today. However, the Ethereum price is still lacking and holding the $2.4k mark. Notably, this is happening amid its high demand and network activity, especially as the Ethereum whales buy $10M ETH in just hours.

Lookonchain X post reveals that SharpLink Gaming has purchased 1,989 ETH worth $4.82M today. This is part of the platform’s recently announced 188,478 ($473.6M) token purchase. In addition, another ETH whale, 0x1fc7, bought 1,888 ETH ($4.56M), bringing the total to nearly $10M within hours.

Notably, the actual accumulation is way higher, as it hit an ATH just recently per CryptoQuant data. In usual cases, such whale involvement is a bullish case, but the ETH price often fails to react.

As it lacks other significant milestones and catalysts beyond inflows, the price remains down at press time. However, once the momentum builds, it could hit new highs.

Ethereum Upside Move Depends on $3K Resistance

Despite the ETF inflows and whale buying, Ethereum is undervalued in the market, currently trading at $$2,427 with a market capitalization of $293.06B. With a week-long consolidation and nearly 31% decline in Q2 of 2025, ETH is struggling to surpass the $3,000 resistance.

However, despite that, investors’ long-term prediction for Ethereum price remains bullish, with many seeing it accomplish the $10k mark. Crypto analyst Ted acknowledged that ETH retested the lower channel once every cycle, like this month.

According to his analysis, this retest led to a 400x rally in 2017 and a 50x in 2021. He further predicted that even if a 6x happens in this cycle, it will push the ETH price to 10k.