Key Takeaways

• Ethereum whales purchased $39 million in ETH amid a sharp market downturn triggered by US airstrikes in Iran.

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

• Technical analysis suggests that ETH could rebound by 25% to reach $2,735 in the near term.

Wealthy Ethereum investors seem to be going against the grain, accumulating significant amounts of ether (ETH) despite a broader market decline. This comes as geopolitical tensions in the Middle East loom and overall risk appetite weakens.

Whales Remain Unfazed by Ether’s Drop

On June 22, wallet address 0x7355 … 213 acquired around 9,400 ETH (approximately $39 million) in two separate transactions, raising its total ether holdings to $330 million.

Despite ether being one of the weakest performers among major cryptocurrencies recently, the buying spree took place. Over the past 24 hours, ETH prices plummeted about 12.8%, hitting a low of $2,155, while Bitcoin (BTC) experienced a decline of roughly 4.7%.

The market downturn was exacerbated by news of US military actions in Iran, marking a significant uptick in the ongoing Israel-Iran conflict that began with Israel’s “Operation Raisinglion” on June 13.

Even in this bearish atmosphere, whales were actively accumulating ETH through Lido’s liquid staking protocol.

The scale and timing of these purchases suggest that larger investors regard this moment as a “buying dip” opportunity rather than a reason to panic.

Data from GlassNode indicates a similar sentiment among whale investors. Ethereum wallets holding over 10,000 ETH have increased their net holdings both on the day of the US airstrikes and prior to this escalation.

On June 21, these whales collected over 116,893 ETH valued at $265.3 million, reinforcing the notion that they see this as a buying opportunity rather than a sign to withdraw.

Potential for a 25% Bounce

Market analysts are noting that ether is currently resting above a crucial ascending trend line, which could set the stage for a significant rebound in the coming days.

Past rebounds from similar support levels have led to gains of up to 55% during April and May 2025. Should this pattern recur, ETH could rise to a resistance level of $2,735 in the short term, marking a potential increase of about 25% from its current price.

This article is for informational purposes only and does not constitute investment advice. All trading activities carry risks, and readers should conduct their own research before making decisions.