Several whales have recently purchased Ethereum.
Is this the true phase of cumulative cases, or just isolated incidents?
In fact, we must not forget that there are many "whales" operating in financial markets, so if one or two isolated cases are truly isolated, they may be entirely insignificant.
Therefore, we need to analyze not only the behavior of individual whales but also the collective behavior of all existing whales.
Summary
Whales are gathering
Bitmine is one of the most prominent whales on Ethereum.
Yesterday, Bitmine President Tom Lee stated that the company acquired an additional 71,672 ETH, bringing its Ethereum reserve to 5.278 million ETH (approximately $11 billion).
Besides Bitmine, other whales have also been accumulating large amounts of ETH, such that since early May, the top 100 ETH holders appear to have purchased over 140,000 ETH.ETH.
On-chain data shows that an address has accumulated 6,627 ETH in just three days, and this trend has been ongoing for several months.
The current hypothesis is that these whales are attempting to “buy the dip” as Ethereum’s price falls—meaning they buy ETH whenever the price is low, with the goal of accumulating as much as possible.
There has been buying from both institutional and retail investors, but there has also been strong selling.
Overall situation
By analyzing overall market liquidity, particularly whale-dominated market flows, accumulation has indeed occurred, but only occasionally.
In January's price drop in Ethereum trading, whales were mostly inactive, waiting for the right buying opportunity.
The turning point occurred at the end of February, when the price rebounded from around $1,800 to above $2,000.
However, accumulation was very limited during the first rebound, partly because ETH’s price fell back below $2,000 after rising above $2,300 in March.
However, starting from the second rebound at the end of March, accumulation resumed, although still on a very limited scale.
Overall, whales have been accumulating ETH within the price range of $2,000 to $2,140, which aligns with the current price level. This has led to the belief that this accumulation behavior may continue.
Previous sales
However, these relatively new purchase volumes are still far lower than the sales figures by the end of 2025.
From October 2025 to the end of January 2026, the selling volume of ETH was so large that selling pressure surged, causing the price to plummet from nearly $4,700 to around $1,800.
Although the accumulation period clearly lasted less than three months, compared to the previous liquidation period of nearly four months, the subsequent purchasing volume still represented only a small fraction of the sales at the end of 2025.
In addition, between April and July 2025, ETH purchases remained higher than current levels. At that time, the price was at the same level as today, and the market was in a bull phase, with prices reaching an all-time high in August.
This leads people to believe that either the current accumulation phase has not yet ended, or the trend may change, and we might even return to a selling phase at some point.
Forecast
Opinions vary on the price outlook for Ethereum over the coming days or months.
Due to the weakening of the trend itself, the short-term trend remains bearish, but a bullish trend has emerged in the medium to short term.
This apparent contrast may also have its own logic, but it clearly illustrates how lacking in transparency this market currently is.
The key resistance level currently appears to be between $2,360 and $2,400, as recent attempts to break through this range have been rejected.
However, to generate a strong bullish signal, the price would need to rebound above $2,500, which currently seems out of reach.
In the medium to long term, these differences will continue to widen.
Some analysts believe Ethereum's price could rebound to $1,800 in the coming months, while others think it could exceed $3,000 by the end of the year.
The differences are so significant that it is currently best not to make such predictions at all.
However, in the medium to long term, optimistic forecasts still appear to dominate, partly because many expect that, as the price breaks above $5,000, a new all-time high is inevitable.
Ethereum is currently consolidating below a key resistance level, but its on-chain fundamentals remain strong, while macroeconomic pressures persist. Market However, this divergent situation has led to no clear consensus on potential future directions.