OTC Whale Buys 60,333 Ethereum For $238.7M Despite Market Selloff

Ethereum (ETH) has experienced a sharp decline, slipping below the $4,000 mark and setting a fresh low near $3,820. This move highlights the intense selling pressure weighing on the market as bulls struggle to establish a firm support zone. The decline comes after weeks of elevated volatility, leaving traders cautious about whether ETH can quickly rebound or if a deeper correction may be underway.

Despite the bearish momentum in price action, some analysts argue that this low could mark a potential bottom for Ethereum. Their view is supported by key on-chain data from Lookonchain, which reveals that whales are buying ETH heavily even as prices fall. Large-scale accumulation during selloffs often signals growing confidence among big players, as they take advantage of discounted prices to strengthen their positions.

This divergence between weak short-term price action and strong whale accumulation has sparked speculation about Ethereum’s resilience. While sentiment in the broader market remains fragile, the heavy buying from influential addresses may provide the foundation for a rebound once selling pressure fades. In the coming sessions, whether ETH holds above its latest lows could determine if this is truly a bottom or just another step in a prolonged correction.

Whale Accumulation Supports Ethereum

According to Lookonchain, one OTC whale has made a bold move during Ethereum’s latest correction. The entity reportedly bought 60,333 ETH (worth roughly $238.7 million) at an average price of $4,230 over the past seven days. While this may signal strong conviction, the whale is now sitting on a paper loss of more than $16 million, with ETH slipping below the $4,000 level. The purchases were traced to three addresses: 0xd8d041705735cd770408AD31F883448851F2C39d, 0xC4de1a0F88b5E10bdeF769830699c4F6191b4933, and 0x2aAF355c820676C104bd00Ee6c506FA05998dDa2.

This move underscores a broader trend: large players continue to accumulate ETH during corrections, even at the risk of short-term losses. Such behavior suggests that whales and possibly institutional actors are confident in Ethereum’s long-term outlook, viewing temporary price weakness as an opportunity rather than a threat.

The significance of this accumulation cannot be understated. Historically, heavy whale buying during downturns often provides a strong support base for recovery once selling pressure eases. With institutional adoption growing, including the rise of ETH-related financial products and ETFs, Ethereum’s role in the broader market continues to expand.

The coming weeks will be decisive. If accumulation persists, ETH could stabilize and prepare for a rebound once macro conditions or broader crypto sentiment improve. Conversely, failure to hold above recent lows may extend the correction further. Regardless, the whale’s move highlights confidence in Ethereum’s trajectory, supporting the view that long-term demand remains strong despite near-term volatility.

ETH Testing Critical Level

Ethereum (ETH) is facing intense selling pressure after falling below the $4,000 mark, now trading around $3,908. The chart highlights a decisive breakdown after weeks of sideways consolidation, confirming that bears have taken control in the short term. ETH has lost nearly 20% from recent highs, underscoring the strength of this correction.

A key observation is that ETH has found temporary support near its 100-day moving average (green line), which currently sits close to $3,900. This level will be critical to watch in the coming sessions. A decisive close below it could open the door to further downside, with the 200-day moving average (red line) around $3,200–$3,300 acting as the next major support zone. On the upside, ETH must reclaim the 50-day moving average (blue line) near $4,400 to restore bullish momentum.

The rejection from highs above $4,700 and the quick retrace below $4,200 reflect both profit-taking and liquidations after weeks of aggressive leverage. For now, ETH remains under pressure, but its ability to hold above $3,900 will determine whether this move is a healthy reset or the start of a deeper correction. Investors will be closely watching for stabilization signals before any sustained rebound.

Featured image from Dall-E, chart from TradingView