Ethereum Price Prediction: Whales Just Bought 422 Million USD ETH — Is Big News Coming?

Ethereum has risen to $2,491 this morning as the alternative currency continues to recover losses following the U.S. airstrikes on targets in Iran over the weekend. However, ETH has still decreased by 4% in a week and 13% in the past two weeks, as the conflict in the Middle East - and the ongoing uncertainty regarding tariffs - continues to put pressure on altcoin prices. But recent actions of a whale - who has accumulated 422 million dollars in Ether over the past three weeks - suggest that the fate of this currency may soon change. Therefore, this cryptocurrency may soon experience a sustainable recovery and considering its solid foundation, the long-term price prediction for Ethereum still appears optimistic. Ethereum Price Prediction: Whales Just Bought $422 Million Worth of ETH — Big News Coming? Posted on X, investor Ted Pillows noted that a specific whale or organization bought 8.91 million dollars worth of Ethereum through Galaxy Digital yesterday, bringing the total accumulated amount to 422 million dollars in less than a month.

Although the price of Ethereum has been quite weak in recent weeks and months, this is still very positive news for ETH, indicating that smart investors believe that this currency will perform very well in the medium and long term. In fact, as we noted earlier, institutions have purchased a significant amount of Ethereum, with this week's CoinShares digital asset flow report indicating that digital funds added $123 million in ETH to their treasury in the seven days ending June 23. Organizations may be pouring money into Ethereum right now because this coin is still oversold and undervalued, as the price is still down 50% from the ATH of 4,800 dollars set in November 2021. And because Ethereum is still the largest layer one network in the ecosystem ( with a TVL of 61.7 billion dollars ), it can certainly be asserted that it will soon recover strongly. Looking at today's chart, we see ETH is starting to recover from a weak position, with the RSI index (purple) nearing 50 today.

The moving average convergence divergence (green, orange) has also bottomed out in recent days, another sign that we may be at the early stage of a growth phase. This is certainly something that the whales accumulating Ethereum currently believe, although whether they are expecting some major news is another question. Ethereum may continue to expand and develop as a layer one blockchain, with recent and upcoming upgrades helping it to become more efficient as a platform. Based on this, we can expect the price of Ethereum to reach $3,000 by the end of July and $3,500 in September.