Mysterious Whale Buys $123M In Ethereum: Quiet Smart Money Accumulation?

Ethereum is showing signs of renewed strength after a volatile week, gaining over 13% since last Sunday’s local low around the $3,350 level. After facing selling pressure and fears of a deeper correction, bulls have stepped back in, pushing the price higher and regaining control of short-term market momentum. The uptick in volatility has brought fresh attention to ETH, with analysts watching closely as the asset attempts to reclaim key resistance zones.

The broader picture remains fundamentally strong. Institutional interest in Ethereum continues to grow, with large purchases reported in recent days. On-chain activity is also climbing, suggesting rising demand and user engagement across DeFi, NFTs, and Layer-2 ecosystems. Additionally, Ethereum’s role in real-world asset tokenization and smart contract infrastructure reinforces its long-term value proposition.

As ETH navigates its way through resistance levels, the next few sessions will be crucial. A successful consolidation above $3,700 could confirm bullish continuation, while a rejection may open the door for another pullback. Either way, Ethereum’s recent performance and underlying fundamentals suggest that investor confidence is returning—potentially setting the stage for a sustained move higher in the coming weeks.

Ethereum Whale Accumulation Signals Long-Term Confidence

According to top analyst Ted Pillows, a mysterious whale or institutional player has purchased $122,955,634 worth of ETH over the past two days. This massive accumulation comes as Ethereum rebounds from recent lows and attempts to reclaim the critical $3,800 level. The move is being interpreted by many analysts as a strong signal that smart money is quietly taking advantage of the recent dip to build long-term positions.

The scale and timing of this buy suggest strategic intent—likely a reflection of confidence in Ethereum’s underlying fundamentals and its broader role in the evolving digital economy. As TradFi (traditional finance) money continues to flow into crypto, Ethereum is emerging as a core asset for institutional portfolios thanks to its programmability, robust developer ecosystem, and growing use cases in tokenization and DeFi.

Despite Bitcoin showing signs of overheating and many altcoins still trading below key levels, Ethereum’s relative strength stands out. While the broader market remains cautious, this accumulation trend highlights how informed investors are looking past short-term volatility and positioning for multi-year highs.

Price Action Details: ETH Retests Key Resistance

Ethereum (ETH) has surged over 13% since last Sunday and is now testing the critical resistance level at $3,860, as shown on the 4-hour chart. After forming a local bottom near $3,350, ETH has steadily climbed with increasing volume, signaling renewed buyer interest and bullish momentum.

The recent breakout above the $3,700 mark came with strong green candles, supported by rising volume and a reclaim of the 50, 100, and 200 simple moving averages (SMAs). This alignment of SMAs below the current price strengthens the bullish outlook, as ETH establishes support zones between $3,630 and $3,685.

However, the $3,860 resistance level remains a key obstacle. It marked previous rejection zones in late July and has yet to be flipped into support. A confirmed breakout above this range, followed by sustained volume and consolidation, could open the door for ETH to challenge the $4,000–$4,200 region in the short term.

Featured image from Dall-E, chart from TradingView