Ethereum Whales Accumulate $832M Amid Price Dip

Ethereum (ETH) whales have capitalized on a recent price dip, purchasing $832 million worth of ETH as the cryptocurrency's price fell 3.6% since May 10, according to BeInCrypto. This accumulation occurred as ETH traded within a descending channel since April 17. Despite the price decline, whale wallets increased their holdings by 360,000 ETH, signaling confidence in the market's resilience. Meanwhile, Ethereum's derivatives market shows a decrease in open interest, suggesting that the recent rally was driven by short-covering rather than new long positions. Long-term holders, however, have reduced their accumulation by nearly 80% since late April, indicating caution amid elevated funding rates. Ethereum currently trades at $2,311, with key support levels at $2,298 and $2,269.