13 whales acquire over 10,000 Ethereum amid price fluctuations

Ethereum (CRYPTO:ETH) has faced a volatile week, with its price dipping to a critical support level of $3,000 before recovering to around $3,200.

This recent drop has raised concerns among investors regarding Ethereum’s ability to maintain momentum during market fluctuations.

However, on-chain data reveals that significant accumulation is occurring among major investors.

Thirteen new mega whales, or wallets with more than 10,000 Ethereum each, have entered the Ethereum network in the last day.

This influx of large holders indicates strong confidence from high-net-worth individuals and institutional players who may see current prices as an opportunity for investment.

The accumulation activity suggests that these large players are positioning themselves for a potential price breakout.

While many smaller retail investors remain hesitant, the actions of these whales could signal optimism for Ethereum's long-term outlook.

As Ethereum stabilises around the $3,200 mark, market observers are closely monitoring whether this trend will lead to renewed bullish momentum in the near future.

Since late December, Ethereum has experienced significant selling pressure, losing more than 25% of its value during this period.

Despite these challenges, analysts are beginning to see signs that a recovery may be on the horizon.

Crypto analyst Ali Martinez highlighted the importance of whale activity, noting that it often reflects confidence among institutional investors who typically take a long-term view.

At the time of reporting, the Ethereum (ETH) price was $3,126.28.