ETH, the native cryptocurrency of the Ethereum network, recorded sharp volatility during U.S. market hours. While the general market sentiment was bullish as United States President Donald Trump officially signed the GENIUS Act, the crypto market witnessed an expected sell-off. The ETH price displayed mounting bearish momentum with a long wick rejection, signaling the risk of a bearish reversal. While the potential pullback may create concerns for retail investors, the crypto whales continued to accumulate this asset, signaling their confidence in its potential growth.
On-Chain Data Reveals $443M ETH Whale Accumulation
In the past two weeks, the Ethereum coin has witnessed a high momentum rally from $2,475 to a recent high of $3,676, accounting for a 48% growth. A key driver behind this surge was growing investor optimism surrounding ‘CryptoWeek,’ fueled by the U.S. House of Representatives passing three major crypto-related bills: the Clarity Act, the Genius Act, and the Anti-CBDC Act.
However, the recovery trend hit a strong supply zone at $3,674, which triggered a short pullback in ETH to hit $3,550. Despite the risk of potential correction, the on-chain data has revealed a substantial accumulation trend from crypto whales.
According to blockchain tracker Lookonchain, a crypto wallet identified as 0x9684 has withdrawn 19,550 ETH (worth approximately $70.7 million) from FalconX. The recent transaction brings the wallet’s total withdrawal to $222,691, ETH worth approximately $443.64 million since last week.
Historically, such accumulation has coincided with major rallies, as it bolsters renewed recovery in the market.
ETH Nearing a Major Breakout Move
The daily chart analysis of Ethereum shows a long-wick rejection candle at $3,674. The selling pressure likely aligns with a broader market pullback as Bitcoin reverts below the $112,000 mark.
However, the ETH price has witnessed a massive recovery in the recent weeks, signaling a shortfall pullback could allow buyers to recuperate their exhausted momentum.
According to the Fibonacci retracement level, the 23.6% FIB level at $3,120 stands as immediate support. The post-correction rally could push the coin price another 10% to challenge the multi-year resistance trend of $3,900.
Since late November 2021, the coin has been regenerating within two converging timelines of a symmetrical triangle pattern.
The current sideways trend in ETH is shaped by its chart pattern, and a breakout above the pattern’s resistance could signal the next major move.
