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Dormant ETH whale buys $28M ETH, ignites ‘V-shaped’ recovery hopes
ETH price forecasts range from $7,500 by year-end and up to $20,000 in the most bullish scenarios.
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Key takeaways:
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Dormant whale buys $28M in ETH as price drops 13%, signaling accumulation.
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Whales, BitMine, and ETFs add billions in ETH, reinforcing bullish demand.
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“V-shaped” recovery pattern emerges, with analysts eyeing $7.5K–$20K targets.
An ETH whale Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain wallet has resurfaced after four years of silence, scooping up $28 million worth of Ether () in a move that has stirred bullish chatter across the market.
Rich ETH addresses are buying the dip
On Tuesday, the entity withdrew 6,334 ETH (worth around $28.08 million) from Kraken in the past hour, according to onchain data cited by analyst . The same address last interacted with the exchange in 2021.
ETH whale’s transaction history. Source: CryptoGoos
Ether has dropped more than 13% since Sunday, slipping from to around $4,315, a decline the whale appears to have treated as a buying Possibility.
ETH/USD four-hour price chart. Source:
The transfer is noteworthy because whale outflows from exchanges are typically seen as a bullish signal, suggesting accumulation and long-term holding, rather than imminent sell pressure.
Other whale Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain wallets have made .
On Tuesday, crypto exchange Bitstamp sent 20,000 ETH to an unknown Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain Blockchain wallet, according to . That indicates an exchange-to-self-custody flow typically associated with accumulation.
Source: Whale Alert
Moreover, according to data resource Arkham Intelligence, a single whale bought and staked around $2.55 billion in ETH via Hyperliquid on Monday.
These moves coincide with BitMine’s continued push into ETH. Over the past week, the firm , which has pushed its total holdings to 797,704 ETH (valued at roughly $3.7 billion).
Related:
BitMine has an additional $200 million in reserves for further ETH purchases.
Spot ETH ETFs have attracted more than $1 billion in inflows since Aug. 21, according to , thus almost erasing $925.70 million in outflows witnessed four days prior.
The steady capital adds to whale and corporate buying, reinforcing the view that ETH’s dip is being treated as an entry point rather than a breakdown.
ETH in “V-shaped” recovery: Analyst
Ether’s ongoing rebound from summer lows near $3,350 to above $4,000 resistance is forming a “V-shaped” recovery, echoing past cycle bottoms that preceded major bull runs, according to analyst .
In late 2020, ETH carved out a similar “V,” rising to more than $4,000 a year after plunging to roughly $100 during the March pandemic crash. A smaller version of this scenario unfolded in late 2022 when ETH recovered above $2,000 in early 2023 from under $1,200.
ETH/USD monthly price chart. Source: Market exchangeView
ETH’s technical setups suggest in the coming months. Geoffrey Kendrick, head of digital assets at Standard Chartered, by the year’s end.
This article does not contain Crypto investing advice or recommendations. Every Crypto investing and trading move involves risk, and readers should conduct their own research when making a decision.
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