$235mln Ethereum whale buying follows $2.8K breakdown – What happens next?

ambcryptoPublished on 2026-01-26Last updated on 2026-01-26

Abstract

Ethereum broke below the $2.8K support, dropping to $2,787, extending a week of bearish momentum. Despite the decline, large investors seized the opportunity to accumulate. A new wallet bought 61K ETH ($171M) from Binance, while another whale purchased 70K ETH ($203.6M) over five days. Additionally, an institution swapped WBTC for 2,868 ETH. In total, whales accumulated 83,868 ETH worth $235.41 million, signaling strong conviction. Exchange data showed significant outflows, confirming aggressive accumulation. However, panic selling persisted, with some whales selling at a loss. Technical indicators like the MACD and RVI remain bearish, suggesting potential further downside to $2,633, though whale demand could support a rebound to $3,070 if sustained.

Ethereum breached the $2.8k support and dropped to a low of $2787 before buyers stepped in to defend the key support.

In fact, as of this writing, ETH traded at $2863, down 2.63% on the daily charts, extending a week-long bearishness.

With the altcoin’s weakness persisting and the price continuing to decline, whales and institutions keep buying the dip.

Ethereum whales and institutions continue to buy the dip

After Ethereum [ETH] fell below $2.8k, it created another buying window for investors, especially large entities. According to Onchain Lens, a newly created wallet purchased 61,000 ETH, worth $171.15 million, from Binance.

Lookonchain also reported another whale purchase. According to the on-chain monitor, OTC Whale bought another 20K ETH for $56.13 million.

Over the past 5 days, this whale has bought 70,013 ETH, valued at $203.6 million, and now holds 100,130 ETH, worth $283.79 million.

Additionally, World Liberty Financial [WLFI] rotated from Bitcoin [BTC] into ETH as Ethereum becomes increasingly affordable.

According to Lookonchain WLFI team swapped 93.77 WBTC, worth $8.08 million, for 2,868 ETH. In total, these whales accumulated 83,868 ETH worth $235.41 million.

Often, when whales and institutions accumulate during a prolonged period of weakness, it speaks of conviction. As such, these market players perceive the current conditions positively and see them as short-lived.

Furthermore, exchange activities echoed this whale-driven accumulation phase. According to CoinGlass, Ethereum has recorded negative Netflow for three consecutive days, with $2.69 billion in ETH flowing out of exchanges.

At press time, Netflow was -$68.9 million, a significant drop from -$224 million the previous day. A sustained negative netflow suggested higher outflows, a clear sign of aggressive spot accumulation.

Panic sellers remain extremely active

While some whales and institutions have turned to accumulate ETH at a discount, others panicked amid a prolonged stay below $3k.

According to Lookonchain, a whale panic-sold 5,500 ETH for $16.02 million at $2,912. Just days ago, the whale purchased 2000 ETH for $5.97 million at $ 2,984.

Historically, the whale has tended to purchase at higher levels and sell at lows, thereby realizing significant losses.

Additionally, a long-term dormant whale returned after nine years and deposited 50,000 ETH worth $145.25 million, according to Lookonchain.

When whales sell during a downtrend, it signals fear and a lack of conviction in the market, leading them to close to avoid further losses. This continued selling has further strained the market, leading to lower prices.

Bearish momentum is still prevalent

Despite continued whale accumulation, ETH has faced intense downside pressure, making whale demand inadequate for an upside reversal.

On the contrary, the downward momentum has remained elevated. In fact, the altcoin’s MACD dropped to -51, falling deeper into the bearish zone, signaling seller dominance.

Likewise, its Relative Vigor Index (RVGI) also fell into negative territory, currently holding at -0.3, validating downside strength.

These market conditions signal potential trend continuation, with ETH likely to drop below $2.8k again towards $2633. However, with whales accumulating, they have effectively held a $2.8k zone, and sustained demand from the group could lift ETH towards $3070.

Final Thoughts

  • Ethereum whales continue buying the dip, adding 83,868 ETH worth $235.41 million.
  • Ethereum [ETH] dipped to $2.7k before slightly rebounding to $2.8k amid intense bearish pressure.

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Related Questions

QWhat was the total amount of Ethereum purchased by whales and institutions as reported in the article?

AWhales and institutions accumulated a total of 83,868 ETH worth $235.41 million.

QWhat key support level did Ethereum breach before buyers stepped in?

AEthereum breached the $2.8k support level and dropped to a low of $2787 before buyers defended it.

QWhat on-chain metric indicated aggressive spot accumulation of Ethereum?

AA sustained negative netflow, with $2.69 billion in ETH flowing out of exchanges over three consecutive days, indicated aggressive spot accumulation.

QWhat are the two potential price targets mentioned for Ethereum's next move?

AETH could drop below $2.8k towards $2633 or, with sustained whale demand, lift towards $3070.

QWhich technical indicators showed that bearish momentum was still prevalent for Ethereum?

AThe MACD dropped to -51, falling deeper into the bearish zone, and the Relative Vigor Index (RVGI) fell into negative territory at -0.3, both signaling seller dominance and downside strength.

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