Ethereum whale buys 35,723 ETH as ETH is still oversold
An Ethereum whale (EthereumOG) has bought 35,723 ETH in the past two days for about $55.8 million, according to on-chain data. This Ethereum whale returned after previously selling 60,000 ETH (and 9,442 wstETH) around $2,040 just a week earlier.
The trade sequence is a key focus for traders. Ethereum’s price remains under pressure, and ETH is still below the 50-, 100-, and 200-day moving averages on the daily chart. The April–May downside squeeze broke further, pushing price action toward the ~$1,500 area.
On momentum, ETH’s RSI fell below 20, which typically signals oversold conditions. The indicator has started to stabilize, but oversold readings alone do not confirm a sustained reversal.
Traders will likely watch whether ETH can reclaim nearby resistance zones tied to short-term moving averages. For now, the $55.8 million Ethereum whale accumulation suggests at least some large players see value in the current dip, but broader confirmation still depends on follow-through in price and trend indicators.
Neutral
The Ethereum whale’s large ETH accumulation is supportive, especially because it occurred while RSI fell below 20 (classic “oversold” conditions). Historically, such whale re-entries often coincide with short-lived rebounds as liquidity finds a bottom.
However, the article also stresses that ETH remains below key moving averages (50/100/200-day) and the broader April–May breakdown pressure is still active. That combination usually limits upside follow-through until ETH recaptures resistance and moving-average momentum flips.
So the most likely short-term impact is a volatility-driven bounce attempt, but the medium-term trend still looks fragile. Longer-term, if additional whales continue accumulating and ETH regains the moving-average zones, this could evolve into a recovery narrative; without that confirmation, it risks turning into a dead-cat bounce.