Is it time to buy ETH? Ethereum whales hold $28.5 million worth of Ether

Ethereum (ETH) is the second-largest cryptocurrency by market capitalization, and after a significant price drop in recent days, it is expected to continue its upward momentum. This bullish speculation is driven by investors and long-term holders who have recently been buying ETH on dips.

Cryptocurrency whales increase their holdings of $28.5 million in ETH

Recently, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that four new crypto wallets belonging to whales purchased $28.43 million worth of 8,440 ETH. This massive ETH purchase occurred during a time when altcoin prices were beginning to recover after a significant drop.

During the recent downturn, the price of ETH fell by more than 22.5%. However, as interest continues to rise, altcoins have rebounded, reclaiming key levels after retesting the important support level at the 200 Exponential Moving Average (EMA) of $3,100.

Current price momentum

As of the time of writing, ETH is trading close to $3,410, with a price surge of over 1.75% in the last 24 hours. During the same period, its trading volume increased by 10%, indicating heightened participation from traders and investors during the market downturn. Meanwhile, long-term holders and whales seem to have seized this opportunity to significantly increase their holdings.