Despite a challenging October for Ethereum (ETH), marked by a 16% price decline, the second-worst in its history, whales are aggressively accumulating the asset, signaling potential for a rally. The downturn was fueled by market weakness, significant outflows from spot ETH ETFs, the $6.3 billion Binance hack, and persistent selling from Ethereum Foundation-linked wallets. For instance, one address tied to the foundation sold 2,785 ETH for $6.42 million, while another dumped 1,500 ETH after nine years of inactivity.
However, the narrative shifted as whales began buying ETH 'like crazy.' Lookonchain reported that a trader known as 0x9EcA spent nearly $38 million to acquire 16,658 ETH at an average price of $2,279, later increasing their holdings to 27,553 ETH for almost $63 million. Analyst Ali Martinez had previously highlighted the bearish impact of whale selling, but the recent buying spree suggests a bullish reversal.
As of press time, ETH is trading just below $2,300, reclaiming the $2,250 support zone. Analyst Ted noted that breaking above $2,400 could trigger a 'nice rally.' Earlier, he had predicted a 'monster pump' once ETH surpasses $4,000, targeting a new all-time high of $13,000, $15,000. CRYPTO XLARGE echoed this sentiment, emphasizing that a confirmed breakout above $4,000 could unlock significant upside.