Ethereum whales buy $39 million worth of crypto amid falling market, raising hopes of a short-term 25% rebound

As the price of Ethereum (ETH) plummeted, an Ethereum whale investor bought a large amount of ETH worth $39 million, causing the market to “buy the
On the 21st (local time), after the US bombed Iran's nuclear facility, selling spread across the cryptocurrency market, but Ethereum whales
On the other hand, on-chain data showed that 116,000 ETH (approximately $265.3 million) flowed into large wallet addresses on that day alone.
Technical analysis also suggests that Ethereum may rebound by 25% in the short term. One wallet address that has attracted particular attention is "0x7355...213," which rose 1.2% on the 22nd alone.
The whale bought about 9,400 ETH in two installments, bringing his total holdings to $330 million. The whale is said to have been involved in a flow of ETH via Lido amid a market shaken by war risks and selling pressure.
On the 22nd, ETH fell by about 12.8% in 24 hours to $2,155. This is the first time that the cryptocurrency has fallen by about 4% in the same period.
This is a larger drop than Bitcoin, which fell 0.7%. Despite Ethereum being the worst performing cryptocurrency by market capitalization, large holders of the cryptocurrency "bought at the bottom" instead of selling.
According to data from market analytics firm Glassnode, the net holdings of whale wallets holding more than 10,000 ETH also showed an upward trend on the day and immediately before the US airstrikes on Iran.
This suggests that short-term shocks are being interpreted as buying opportunities rather than selling opportunities. Market analyst Sensei said Ethereum is currently the leading
The analysis showed that the rising trend line is being maintained as a support line. A rebound also started from this point in April and May, recording an increase of about 55%.