Amidst a market filled with bearish sentiment, a prominent crypto whale has made a bold move by investing in Ethereum (ETH) as their preferred asset, acquiring millions worth of the cryptocurrency. Today, on March 29, 2025, Lookonchain, an on-chain analytics firm, shared on X (formerly known as Twitter) that this crypto whale has purchased 3,195 ETH, amounting to a staggering $5.97 million.
The acquisition price for ETH averaged around $1,868, showcasing the whale’s confidence in the asset. Furthermore, data reveals that this same whale has been steadily accumulating ETH in significant quantities. Since March 26, 2025, they have acquired a total of 29,341 ETH, totaling $58.18 million, at an average price of $1,983.
This substantial accumulation by the crypto whale indicates an opportune moment to buy and potentially signals a bottom for ETH. It could also lead to increased buying pressure, potentially driving the price of Ethereum higher in the near future.
Despite this impressive accumulation, the price of ETH has remained relatively stable. Currently trading around $1,821, the cryptocurrency has experienced a decline of over 2.50% in the last 24 hours. Additionally, trading volume has decreased by 35%, suggesting lower participation from traders and investors compared to the previous day.
In terms of price action, expert technical analysis indicates that ETH is at a critical juncture, which will determine its price trajectory in the coming days. The recent price drop has brought ETH to a crucial make-or-break level, where its performance will dictate whether it moves higher or lower.
Analyzing the daily timeframe, ETH seems to be forming a double-bottom pattern with support at the $1,820 level. If the asset manages to hold above this support level, there is a strong possibility of an upward rally, potentially pushing the price up by 17% to reach $2,100 in the near future.
Conversely, if ETH’s price continues to decline and breaches the $1,800 support level, closing below it on a daily basis, there is a likelihood that the asset could drop by 15% to hit $1,550 in the foreseeable future.
In conclusion, the recent actions of the crypto whale in accumulating ETH, coupled with the technical analysis of ETH’s price action, suggest both potential opportunities and risks for investors in the Ethereum market. It will be interesting to see how these developments unfold in the days ahead.