Blockchain data shows that a well-known Ethereum whale, EthereumOG, bought 35,723 ETH over the last two days at an average price of about $1,563, for a total of $55.8 million. The buying came only a week after the same investor sold 60,000 ETH and 9,442 wstETH around the $2,040 level.
A rapid return after selling at higher levels
The timing is what has drawn market attention. Ethereum had fallen more than 20%, and this investor first exited at higher prices, then came back in at a much lower level. Large holders are often tracked closely because their transactions are generally viewed as calculated positioning rather than reactive trading, especially during volatile stretches.
The source also notes that wstETH is the wrapped version of staked Ether through Lido. Its price reflects staking rewards, and the token is structured for easier use across DeFi applications. Selling ETH and wstETH, then returning with a large ETH purchase, has been read by market participants as a sign that at least some major investors are reassessing Ethereum’s valuation after the recent correction.
Chart structure remains under pressure
Whale accumulation has not changed the technical picture yet. On the daily chart, ETH is still trading below its 50-day, 100-day, and 200-day moving averages. A downward squeeze pattern that developed through April and May broke to the downside, and that breakdown intensified selling pressure, pushing price closer to the $1,500 area.
Momentum indicators show the same strain. Ethereum’s Relative Strength Index, or RSI, dropped below 20, putting the asset in deeply oversold territory before showing some stabilization. That reading alone does not confirm a reversal, but similar conditions have previously been followed by short rebounds.
Key resistance levels now matter more than the whale trade
The market is now focused on whether this large accumulation, combined with extreme oversold signals, can help support a broader recovery attempt. Major investors often add to positions during periods of heavy pessimism. What makes this purchase stand out is its size and the weak backdrop in which it happened.
Still, one whale is not enough to confirm a market-wide turn. For Ethereum to show a more convincing shift, price would need to reclaim resistance zones near its short-term moving averages. What the $55.8 million purchase clearly shows is that some large players see value in ETH after the latest pullback.