While Ethereum’s price continues to hover near recent lows, on-chain data has revealed that a major investor has resumed accumulating the cryptocurrency. Despite ongoing market weakness and sustained selling pressure, this significant transaction suggests that some large players are carefully monitoring current ETH prices.
Major whale makes a surprising comeback
According to recent blockchain data, a well-known large-scale investor known as EthereumOG has purchased 35,723 ETH over the past two days at an average price of 1,563 dollars, with the total value of these transactions reaching 55.8 million dollars. This latest purchase came just a week after the same investor sold 60,000 ETH and 9,442 wstETH at around the 2,040 dollar level.
Glossary: wstETH represents the wrapped version of staked Ether via Lido. This asset reflects staking rewards in its price and is designed to be more easily used within decentralized finance applications.
The timing of these transactions has drawn particular attention from the market. After exiting at higher price levels during a period while Ethereum dropped more than 20 percent, the whale re-entered the market at substantially lower prices. While high-volume investors are typically seen as strategic actors rather than emotional ones during turbulent periods, their moves are closely tracked by the broader market.
EthereumOG’s decision to sell at approximately 2,040 dollars and then return with large purchases at an average of 1,563 dollars just a week later stands out as one of the most notable signs that big investors are reassessing ETH’s value following the recent correction.
Technical outlook remains under pressure
Despite the whale activity, technical indicators for Ethereum have yet to signal a clear recovery. ETH continues to trade below its 50, 100, and 200-day moving averages on the daily chart. The downward squeeze pattern seen throughout April and May broke to the downside, triggering intensified selling that pushed prices closer to the 1,500 dollar region.
The scale of the recent drop has also been evident in momentum indicators. Ethereum’s Relative Strength Index (RSI) fell below 20, signaling oversold conditions before showing some signs of stabilization. While such levels alone do not guarantee a trend reversal, similar conditions have preceded short-lived rebounds in the past.
Which thresholds are crucial for a rebound?
The alignment of whale accumulation with extremely oversold technical readings has made Ethereum’s outlook a key focus for the market. It is not uncommon for major investors to increase their positions during periods of extreme pessimism, and this latest round of buying is noteworthy both for its scale and the challenging market conditions in which it occurred.
However, the actions of a single large investor are not considered sufficient to confirm a broader market recovery. For a more decisive shift in trend, Ethereum needs to regain key resistance zones near its short-term moving averages. For now, the latest 55.8 million dollar accumulation highlights that at least some large players see value in ETH following the recent correction.
