As shown in the chart above, the top 1,000 Ethereum wallets had a cumulative balance of 75.11 million ETH as of April 28th. However, even though the price has fallen 16% since then, Ethereum whales did not throw in the towel in response to the Fed's interest rate suspension. Instead, they took advantage of falling prices to increase their holdings.
As of writing on May 2, the cumulative balance of Ethereum whales stands at 75.17 million ETH, reflecting an increase of 6,000 ETH over the past three days. Valued at about $2,995 per coin at current prices, these whales have effectively invested about $18 million this week.
Such massive whale buying pressure during market downturns can help asset prices maintain relatively high support levels and even trigger an initial rebound phase.
For context, when whales make large purchases, they provide much-needed market liquidity, allowing panic sellers to execute trades without incurring an accelerated decline in prices.
But more importantly, given that the majority of the top 1,000 Ethereum wallets belong to ETH 2.0 stakers, some of these coins may temporarily disappear from the market's short-term supply. That's it. This could ease some of the seller-side pressure on Ethereum in the coming days.
Ethereum (ETH) price prediction: short-term rebound above $3,100
Drawing insights from Ethereum Whale’s $18 million investment this week, ETH price looks poised for an imminent rebound towards $3,200.
IntoTheBlock's GIOM data further underlines this bullish outlook. This shows that the bulls have prevented a fall below $2,800 and can now set their sights on a pullback. However, Ethereum must first overcome the looming sell wall in the $3,100 area.
