rewrite this title Ethereum Big Wallets Are Back: Whales Are Quietly Accumulating ETH – A Rally On The Way? | Bitcoinist.com

While Ethereum has moved back above the $3,500 price mark, renewed buying pressure is being observed around the leading digital asset. Both small and big investors or traders are starting to purchase the altcoin at a rapid rate, pointing to a strategic positioning of the investors.

Top-Tier Investors Are Steadily Buying ETH

Following the recent rebound in the price of Ethereum, several investors are exhibiting newfound interest in the leading altcoin. The report from Prime on X reveals that this fresh buying pressure is particularly evident among top-tier players, also recognized as whale investors in the crypto landscape.

According to data from the Ethereum Spot Average Order Size, ETH’s whale investors are quietly returning to the gradually bullish crypto market. This indicates a clear shift in whale action, with big wallet addresses accumulating ETH once again after multiple weeks of outflows and fear.

The renewed interest from deep-pocketed investors coincides with ETH’s gradual recovery from recent pullback, indicating that whales view present levels as an appealing long-term entry point rather than a sign of weakness. While accumulation among large investors surges, it suggests that smart money might be prepping up for ETH’s next major breakout.

It is worth noting that this buying pressure from big players is spotted at the $3,200 price level. Prime stated that whales are taking advantage of the drop in Ethereum’s price, as they purchase the altcoin at low prices. 

A continuation of this whale acquisition is likely to spur the anticipated rally. In the meantime, the next possible objective for ETH is between the $4,500 and $4,800 range if the $3,000 – $3,400 support zone holds strong.

Corporations Are Still Betting On ETH

This robust accumulation by large players is evident in the persistent purchase of the asset by institutional firms such as Bitmine Immersion. Institutional adoption and interest appear to be growing in tandem with the brief surge in ETH’s price.

Ash Crypto, a market analyst and investor, has reported a fresh massive Ethereum acquisition linked to the leading treasury asset company. Data shared by the market analyst reveals that the company bought over 23,521 ETH, valued at approximately $82.8 million, as the new week began. “Tom Lee wants all your Ethereum,” As Crypto added.

In another X post, Ash Crypto highlighted that Bitmine Immersion acquired ETH worth over $400 million in the past week. Such heavy and persistent buying action underscores the firm’s unwavering conviction in the altcoin’s long-term prospects. Bitmine’s ongoing accumulation stands out amid this period of conflicting market sentiment, indicating that the company believes that the next growth phase for ETH may be far from over.

Amid the buying pressure, the latest readings from the Ethereum Fear and Greed Index show that the market is slipping firmly into Fear levels. A move into the fear zone signals increasing anxiety due to the current volatile state of the broader cryptocurrency market.

Featured image from Pxfuel, chart from Tradingview.com

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