Crypto Whale Accumulates $58 Million of Ethereum (ETH) Despite Bearish Market Sentiment

Today, March 29, 2025, the on-chain analytics firm Lookonchain posted on X (formerly Twitter) that a crypto whale has bought 3,195 ETH worth $5.97 million.

A crypto whale has been spotted investing massively in Ethereum (ETH) amid the bearish market sentiment. Today, the on-chain analytics firm Lookonchain posted on X that a crypto whale has bought 3,195 ETH worth $5.97 million.

The average purchase price of ETH was around $1,868. Besides this, the same whale appears to be accumulating ETH on a large scale.

Since March 26, the crypto whale has purchased 29,341 ETH worth $58.18 million at an average price of $1,983.

This massive accumulation by the crypto whale suggests an ideal buying opportunity and a potential bottom for ETH. It may also create buying pressure and drive a further upside rally.

However, despite the huge investment in ETH, the asset’s price remains unchanged. At press time, ETH is trading at $1,821, showing a decline of over 2.50% in the past 24 hours.

During the same period, the asset’s trading volume dropped by 35%, indicating lower participation from traders and investors compared to the previous day.

According to technical analysis, the recent price drop has brought ETH to a make-or-break level, which will determine the asset’s price movement in the coming days.

On the daily timeframe, ETH appears to be forming a double-bottom price action pattern with support at the $1,820 level. If the asset manages to stay above $1,820, there is a strong possibility of an upside rally, with the price potentially surging 17% to reach the $2,100 level in the future.

On the other hand, if ETH's price continues to fall and closes a daily candle below $1,800, there is a strong possibility that the asset could drop by 15% to reach the $1,550 level in the future.