Crypto Whale Bags Millions of Dollars Worth of ETH Amid the 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 bought 3,195 Ethereum (ETH) worth $5.97 million amid bearish market sentiment.

According to on-chain analytics firm Lookonchain, the crypto whale made the massive purchase at an average price of $1,868.

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 purchase, ETH’s price remains unchanged. At press time, ETH is trading at $1,821, down more than 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, ETH has reached a make-or-break level, which will decide 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 18% surge to $2,100 in the future.

On the other hand, if ETH continues to decline and closes a daily candle below $1,800, there is a high chance that the asset could drop by 15% to reach $1,550 in the future.

The post Ethereum Whale Buys $58 Million Of ETH As Bollinger Bands Contract appeared first on Benzinga.com.