Key Takeaway:

• The Ethereum whales have amassed $39 million in ETH during a sharp market drop linked to US airstrikes in Iran.

• On June 21, these mega-whales added more than 116,000 ETH, indicating strong buying sentiment.

• Current technical patterns suggest that ETH could rebound around 25% to $2,735 in the near term.

Wealthy Ethereum traders have collected significant amounts of ether, even as broader market conditions have worsened due to rising tensions in the Middle East.

A sharp drop in ether doesn’t faze the whales

A wallet associated with the address 0x7355…213 purchased approximately 9,400 ETH (worth about $39 million) in two major batches on June 22, bringing its total holdings to around $330 million. Interestingly, even as ether showed one of the steepest declines among major cryptocurrencies over a 24-hour period, the purchase still went through.

ETH prices dipped nearly 12.80% within the last day, hitting a low of $2,155. In the same timeframe, Bitcoin, the leading cryptocurrency, fell about 4.70%.

The market’s negative trend was intensified by reports of direct military action by the US in Iran, marking a serious escalation in the ongoing Israel-Iran conflict that intensified on June 13. Yet despite this bearish atmosphere, whales continued to accumulate ETH, often through Lido’s liquid staking protocol.

The size and timing of these purchases imply that whales see it as a beneficial long-term buying opportunity rather than a panicked reaction to the market conditions.

Data from GlassNode highlights a similar emotional trend, showing that large Ethereum wallets—those holding over 10,000 ETH—increased their positions right on the day of the US airstrikes and the days leading up.

On June 21, these large traders acquired over 116,893 ETH valued at approximately $265.3 million, suggesting that they view these market conditions as a buying opportunity, not a reason to exit the market.

Ethereum targeting a 25% rebound

A market analyst has pointed out that ether is maintaining its position above a crucial ascending trend line, hinting at a potential strong bounce in the near future.

Previous recoveries from this support level had led to rebounds of around 55% during April and May of 2025. If history repeats itself, ETH could rise towards a resistance level of $2,735, reflecting an approximate 25% increase from its current pricing.

This article does not offer investment advice. All investment decisions carry risks, so readers should conduct their own research prior to making any choices.