Do They Know Something? Whale Scoops $39M ETH During the Crash

Key Insights

• Ethereum saw a massive 12.8% price crash, which was worse than Bitcoin's decline.
• Despite the crash, an Ethereum whale still bought $39 million worth of ETH in a clear "buy the dip" strategy.
• Mega-whales have collectively accumulated over 116,000 ETH ($263.5 million) on June 21, a trend that shows coordinated bullish sentiment.
• Technical analysis shows that Ethereum is holding a very important ascending trendline that could lead to a 25% rebound to $2,735.
• While some whales are shorting, overall low open interest shows that the general market is cautious but still bracing for a massive price move.

Ethereum’s price has taken a massive hit over the last few days and has even fallen harder than Bitcoin.

The dips on these cryptocurrencies came amid escalating geopolitical tensions in the Middle East.

Despite the drop though, the whales appear to be ramping up their confidence in Ethereum, with one of them recently snapping up tens of millions of dollars’ worth of ETH in what appears to be a calculated bet on a rebound.

Just as Ethereum’s technicals tighten and on-chain data shows mixed signals, traders are on the lookout for a breakout (or a breakdown) from Ethereum’s current price action.

Here’s what we know about the asset so far

ETH Drops 12.8%, But Whales Are Buying

Ethereum crashed by nearly 13% in 24 hours, dipping as low as $2,155. This means that the cryptocurrency far underperformed Bitcoin, which only fell around 4.7% in the same timeframe.

The sell-off likely came amid news of a U.S. military strike on Iranian nuclear sites over the weekend.

Despite this volatility, a major Ethereum whale with the address 0x7355...213 did something interesting.

Instead of panicking and selling after the dip, this whale scooped up 9,400 ETH, worth around $39 million, on June 22.

This purchase boosted this whale’s ETH holdings to over $330 million and was made via Lido’s liquid staking protocol.

Interestingly, this whale wasn’t alone.

Data from Glassnode shows that Ethereum mega-whales **(**with more than 10,000 ETH) accumulated over 116,000 ETH worth approximately $263.5 million on June 21.

Interestingly this coordinated activity came the same day after the U.S. airstrikes were reported.

Such coordination shows that the whales know something that the retailers do not, and are betting on a price rebound soon.

Technical Patterns Indicate a 25% Rebound

According to market analysts Sensei and Kans, Ethereum is currently holding above a very important ascending trendline.

This price level previously sparked a 55% rally in April and May 2025.

In essence, if history repeats itself, a similar bounce could push ETH toward $2,735 in a 25% gain from current levels.

According to Kans, the $2,850 resistance level is now a major inflection point, considering how often Ethereum has been rejected from this zone.

On the flip side, buyers have consistently stepped in around $2,350, and have prevented a deeper breakdown.

This compression between strong support and resistance creates a possible “springboard” scenario.

If Ethereum breaks above $2,850 with enough volume, many analysts believe it could trigger a surge toward $4,000 or even $4,100.

This is even truer if institutional interest continues to rise.

On the flipside, if ETH continues to hold the lower support near $2,350, the price could tumble further and even test the $2,200 or even $2,000, according to some bearish projections.

Mixed Signals from Whales

Not all whales are betting on a rebound, though.

Recently, one well-known Ethereum whale with the address 0xcB92 has a short position worth $97 million, and is currently sitting on $14.8 million in unrealized profits.

This trader has a reputation for nearly perfect market timing, and went short just before Ethereum’s rejection from the $2,850 resistance.

Their decision to continue holding the short position despite the price gains shows a belief that Ethereum may face another leg down, likely due to some macro uncertainty or a failed breakout attempt.

However, if Ethereum breaks above $2,850, this position could be liquidated, and could even add fuel to a rapid upward move.

Sentiment Split as Open Interest Lingers

While whales are taking opposite positions, the general market sentiment still reads caution.

Ethereum’s open interest is currently low, which shows that many traders are sitting on the sidelines and are waiting for a clear signal.

Still, this low interest also means that any sudden liquidation event (up or down) could cause an outsized price move.

Despite the bearish short-term price action, Ethereum still has a technical path to much higher levels.

If the cryptocurrency can reclaim $2,850 and attract fresh investor interest, a rally to $4,000–$4,100 could still be in play.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.