The astounding $799 million in transactions over the past 12 hours was Ethereum’s latest indication of a possible recovery. The $283 million direct purchase that was purportedly made over-the-counter is the real deal, even though the gross amount includes transfers between internal wallets and exchanges.
A whale or institutional player obtained 108,278 ETH ($283 million) through over-the-counter channels, per Lookonchain’s blockchain analysis. Galaxy Digital’s OTC wallet supported this movement by withdrawing 89,000 ETH ($233.5 million) from exchanges and transferring the entire 108,278 ETH to the whale’s wallet. Currently 139,476 ETH, or roughly $365 million, are stored in that wallet.
The risk of a price disruption is decreased by such large OTC purchases, which are generally bullish because they show accumulation without compromising open-market liquidity. Usually this behavior comes before price spikes, particularly when it indicates rising institutional confidence. Technical analysis of Ethereum’s chart appears to support this view. The rising support trendline that has been forming since early May has been cleanly bounced by ETH, which has regained levels above $2,650.
More significantly, the rebound was accompanied by an increase in volume, which is essential for maintaining bullish momentum. With an RSI close to 63, which is still healthy, there is potential for upward movement without going into overbought territory. A move in the direction of bullish continuation would be confirmed if ETH broke above the $2,750 resistance, which might lead it to the elusive psychological level of $3,000.
This move would be void if the $2,480 and $2,265 support zones were broken, so traders should watch them closely. In summary, price and volume follow-through will determine whether we are witnessing the beginning of a new macro rally or merely another brief surge of optimism. However, one thing is for sure: whales will not bet on Ethereum trading sideways when they begin placing $280 million in over-the-counter wagers.
