Ethereum’s price has seen a solid rally lately, surging over 20% to approach the $2,400 mark — a level that’s now acting as both magnet and battleground. But behind the price action, whale activity has sparked some head-scratching in the market. Some major holders are offloading, while others are doubling down, leaving retail and institutional investors wondering: is this the start of a new leg up or a pause before another shakeout?
Diverging Strategies Among Ethereum Whales
Blockchain analytics firm Arkham Intelligence has been tracking some interesting behavior from early Ethereum adopters. One whale who originally bagged 76,000 ETH during Ethereum’s ICO phase has sent their remaining 1,900 ETH—worth around $4.44 million—to Kraken. That’s typically a red flag for potential selling.
But it’s not all bearish. That same whale, who had previously exited the market three months ago by offloading their stash at an average price of $2,740 (incurring a loss of roughly $11 million), has returned to buying ETH aggressively. They initially re-entered by picking up 2,713 ETH at $1,502, then followed that up with a massive purchase of 9,023 ETH at $2,277, totaling over $20 million in new bets on Ethereum.
Institutions Are Also Accumulating
It’s not just individual whales making moves. Institutional players are positioning themselves, too. World Liberty Financial recently acquired 1,587 ETH for around $3.5 million during Ethereum’s dip below $2,000. This trend reflects a growing appetite among institutions to buy into Ethereum weakness — a sentiment that’s been building throughout 2025’s earlier corrections.
ETH Hits $2,400: Rally or Resistance?
After the dramatic 20% pump that lit up charts on Thursday, ETH finds itself hovering around the $2,400 level. The weekly performance looks impressive — up over 32% — and the open interest of $27.5 billion signals that traders are still willing to place bullish bets.
But the question remains: is ETH gearing up for a breakout, or is this a bull trap?
Technical Analysts Weigh In
Veteran trader Peter Brandt is among those eyeing a bullish continuation. He’s pointed to a congestion pattern forming on Ethereum’s chart that could be the precursor to a major upward move. Echoing that optimism, prominent analyst Mister Crypto noted that ETH is on the verge of reclaiming its yearly open — a move that historically preceded parabolic runs.
“Ethereum is trying to reclaim the yearly open,” Mister Crypto posted. “Last time this happened, $ETH went parabolic. This time won’t be different!”
A Spark for Altcoin Season?
With whale activity ramping up and ETH trying to hold key technical levels, some analysts believe this rally could reignite broader momentum in the altcoin market. If Ethereum maintains its current trajectory, it could be the spark that kicks off a long-awaited altcoin season — one that traders have been anticipating for months.
