Ethereum (ETH) price continues to fall sharply alongside a wider crypto market downturn. The top altcoin has plunged over 48% from its December 2024 peak above $4,000, now trading around $2,068.
Despite this price drop, Ethereum whales are aggressively buying, suggesting a different market outlook might be forming.
Santiment data reveals Ethereum whales have accumulated 1.10 million ETH in just 48 hours, representing about 0.92% of Ethereum’s total 120 million ETH supply.
This large-scale buying action from major holders could signal an upcoming market shift, even while prices are under pressure.
1.1M ETH Whale Buy Signals Shift
Historically, whale accumulation like this has triggered significant price swings. For instance, in January 2025, whales buying 330,000 ETH sparked a short price rally.
Crypto analyst Merlijn, The Trader suggests Ethereum’s current price pattern resembles its 2016 structure, sparking speculation about a repeat of its historic surge.
Observing the long-term chart, he noted ETH’s pattern mirrors its past cycle, featuring a sharp correction and a period of price consolidation.
Therefore, the recent price dip could be the “fake-out” stage—a period of market doubt and false breakdowns—that preceded Ethereum’s previous explosive price increase.
If this pattern holds true, Ethereum could be set for a major breakout soon.
Also Read: Investors Return to the Allure of Ethereum
