Ethereum (ETH) accumulation resumes, high-profile whale accelerates buying

Ethereum (ETH) shows signs of accumulation as the price bounces from recent lows. A high-profile whale bought more ETH in the past 24 hours, as the markets signal a potential breakout. 

Ethereum (ETH) shows signs of preparation for an eventual breakout. A high-profile whale drew attention by acquiring more ETH in the past 24 hours. The whale is also starting to use borrowed funds from Aave (AAVE), signaling confidence in the asset’s price performance and a slightly lower risk of liquidations. 

In the past day, on-chain trackers noticed a high-value buyer, possibly an institution, accumulating ETH in six distinct addresses. The whale withdrew ETH from OKX, then moved the funds as collateral on Aave. 

Previously, the known wallets of the wave have performed similar operations, taking ETH from centralized markets and moving it into DeFi. The whale chose Aave as the most robust DeFi protocol, still carrying above $17.5B in value locked. 

In total, the six wallets withdrew 15,953 ETH and deposited them to Aave ETH staking. After that, the whale borrowed $15.4M in USDT and deposited it to OKX once again. The transactions are showing potential for leveraged buying, a signal for an eventual bullish expectation for Ethereum. 

The whale then continued the buying, adding another 4,208 ETH within hours, to borrow more USDT from Aave. 

The buying happened as Ethereum recovered to $1,675.17, rising as the overall crypto market responded to the news of the paused US tariffs. Similar whale accumulation events have been noticed at previous local lows in March. Even during the current price action, crowd buyers are more cautious and bearish, while smart money shows a bullish signal.

Ethereum also gains exposure from the gaps in the CME futures market. Based on trading gaps, ETH may jump to higher price levels, with the closest range at $1,812.

Ethereum flows back into accumulation addresses

The latest price dip to the $1,400 range did not discourage buyers. The lowered price range led to buying opportunities, with more ETH flowing into accumulation addresses. 

The recent price dip under $2,000 coincided with accelerated ETH inflow into wallets with non-zero balances. 

Ethereum remained at a point of no net gains for the past four years. During the recent price drop, whales also continued buying every dip, attempting to lower their average price. ETH is now closely watched for ongoing accumulation from both retail and whales, which may precede a return to a higher price range. 

ETH markets rebuild leverage

Ethereum traders and DeFi participants are moving in to increase leveraged positions after the recent round of liquidations. ETH open interest rose to $8.98M, with rapid expansion in the past 24 hours. 

Short sellers still carry over 38% of the open interest, though longs remain at risk of liquidation. Short and long liquidations remained relatively equal in the past hours. 

DeFi protocols have also cleared their liquidation levels, potentially rebuilding collateral-based loans. Positions in threat of liquidations fell down from $1.1B to $936M after several key levels were liquidated on Sky Protocol and Aave. 

After de-leveraging, most DeFi whales are entrenched at around $905 per ETH, a liquidation level far from the current range. This low level may allow whales to borrow more stablecoins, boost ETH valuations and make their loans safer from liquidation. 

The main driver of Ethereum is an expected bounce from lows against BTC. ETH fell to a recent low of 0.019 BTC, later regaining to 0.02 BTC. ETH has not broken out from its previous lows against BTC, but the appearance of buyers at every local low is boosting the hopes of a recovery.

Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More