Ethereum’s top 1,000 wallet held a cumulative balance of 75.11 million ETH as of April 28 as depicted in the chart above. But, while prices have declined 16% since then, Ethereum whales have not thrown in the towel in reaction to the Fed rate pause. Instead, they have capitalized on the price dip to increase their holdings.
At the time of writing on May 2, the Ethereum whales now hold a cumulative balance of 75.17 million ETH, reflecting an increase of 6,000 ETH within the last 3-days. Valued at the current price of around $2,995 per coin, these whales have effectively invested approximately $18 million this week.
Such large volume of whale buying pressure during a period of market downturn can help the asset price maintain relatively high support levels or even trigger an early rebound phase.
For context, when whales make large purchases, it provides much-needed market liquidity, allowing panic sellers to execute trades without an accelerated drag on prices.
But more importantly, considering that majority of the top 1,000 Ethereum wallets belong to ETH 2.0 stakers, a portion number those coins could be momentarily out of short-term market supply. This could marginally reduce the sell-side pressure on Ethereum in the days ahead.
Ethereum (ETH) Price Forecast: Short-term Rebound above $3,100
Drawing insights from Ethereum whales’ $18 million investment this week, ETH price looks poised for an imminent rebound towards $3,200.
IntoTheBlock’s GIOM data further emphasizes this bullish outlook. It shows that having prevented a downswing below $2,800, the bulls can now set their sights on a rebound phase. However, Ethereum must first scale the looming sell-wall at the $3,100 territory.
