OTC Whale Buys 60,333 ETH ($238.7M) During Ethereum Selloff
Ethereum price fell below $4,000, hitting a low near $3,820 amid intense market selloff. Despite bearish momentum, on-chain data from Lookonchain shows an OTC whale purchased 60,333 ETH (≈$238.7M) at an average price of $4,230 over the past week, currently facing a paper loss exceeding $16M as ETH trades around $3,908. Whale accumulation during downturns often signals institutional confidence, suggesting a potential bottom and future rebound. Ethereum now finds temporary support near its 100-day moving average (~$3,900), with immediate resistance at the 50-day moving average (~$4,400) and a risk of deeper correction toward the 200-day moving average (~$3,200) if support breaks. The heavy OTC buy highlights long-term demand and could underpin a price recovery if selling pressure subsides, though short-term volatility remains.
Bullish
The significant OTC accumulation of 60,333 ETH by a whale during a steep market selloff indicates strong institutional conviction and historically such heavy buying in downturns often precedes price bottoms and recoveries. With Ethereum stabilizing near its 100-day moving average and major resistance at the 50-day moving average, continued whale accumulation could support a rebound once selling pressure eases. Although short-term volatility remains and a break below key support could extend losses, the whale buy signals an overall bullish bias for Ethereum’s medium-to-long-term outlook.