Time to Buy Ethereum? Whale Bags $58 Million of ETH

Amid the bearish market sentiment, a crypto whale found Ethereum (ETH) to be an ideal investment option and bagged millions worth of the asset. Today, March 29, 2025, the on-chain analytics firm Lookonchain posted on X (formerly Twitter) that a crypto whale has bought 3,195 ETH worth $5.97 million.

Ethereum Whale Buys $58 Million of ETH

The average purchase price of ETH was around $1,868. Besides this, the same whale appears to be accumulating ETH on a large scale. Data reports that since March 26, 2025, the crypto whale has purchased 29,341 ETH worth $58.18 million at an average price of $1,983.

This massive accumulation by the crypto whale suggests an ideal buying opportunity and a potential bottom for ETH. It may also create buying pressure and drive a further upside rally.

Current Price Momentum

Despite the massive accumulation, ETH’s price remains unchanged. At press time, ETH is trading near $1,821, recording a price decline of over 2.50% in the past 24 hours. Meanwhile, during the same period, the asset’s trading volume dropped by 35%, indicating lower participation from traders and investors compared to the previous day.

Ethereum (ETH) Price Action and Upcoming Levels

According to expert technical analysis, the recent price drop has brought ETH to a make-or-break level, which will determine the asset’s price movement in the coming days.

On the daily timeframe, ETH appears to be forming a double-bottom price action pattern with support at the $1,820 level. Based on recent price momentum, if the asset holds above $1,820, there is a strong possibility of an upside rally, with the price potentially surging 17% to reach the $2,100 level in the future.

On the other hand, if ETH’s price continues to fall and breaches this support level, closing a daily candle below $1,800, there is a strong possibility that the asset could drop by 15% to reach the $1,550 level in the future.