Ethereum (ETH) Whale Accumulates 50,165 ETH ($104.5M) Ahead of the Market's Rally

On-chain analysis firm Lookonchain hinted at a whale that benefited from Ethereum's ETH $1 845.72 output: Key Notes

On-chain analysis firm Lookonchain has hinted at a whale who benefited massively from Ethereum's impressive rally, which also saw the asset hit a 3-month high.

According to the X post by the firm, this whale has been accumulating Ethereum since Feb. 15.

The whale who spent the past 3 months accumulating $ETH is now profitable—and withdrew 1,687 $ETH ($4.2M) from #Gateio again.

Since Feb 15, he has withdrawn 50,165 $ETH($104.5M) from #Gateio at ~$2,084.

He's flipped a $21M loss into a $21.7M profit.https://t.github.com/06nidOmKtj

— Lookonchain (@lookonchain) May 12, 2025

When the ETH price was meandering around $1,600, the whale was still sinking with a $21 million loss, as noted by the firm. However, the accumulator didn't stop buying the leading altcoin. On May 11, the address withdrew another $4.2 million in ETH from the Gate.io crypto exchange.

The whale has accumulated 50,165 ETH, worth $104.5 million, at an average price of $2,084.

Ethereum's recent rally helped the Ethereum whale flip the $21 million loss into a $21.7 million profit.

Is Ethereum In The Bull Zone?

Ethereum rose 41% over the past seven days and 64% in the last 30 days. The leading altcoin almost hit the $2,600 mark on May 11 and consolidated between $2,450 and $2,550 over the past 24 hours.

The asset again gained bullish momentum as the broader crypto market leaned toward the greed zone. ETH is currently trading at $2,615 with a market cap of $316 billion.

According to data provided by Trading View, Ethereum's Relative Strength Index has been consistently declining since May 9, falling from 90 to 55, despite the price hike.

ETH 1H chart – May 12 | Source: TradingView

The indicator shows that Ethereum moved from overbought to neutral while hitting a three-month high. Historically, a declining RSI combined with a rising price suggests mature market conditions with steady upward momentum.

Ethereum's next major target is the $3,000 mark. Nonetheless, if the asset faces strong resistance at $2,800, it could trigger a downfall.

Moreover, if the bulls push the price past $3,000, they might aim for the all-time high of $5,167, which was reached in August 2021.

However, if the bears manage to break the $2,000 support level, it could open the door for a steeper decline, potentially leading to a test of the $1,000 barrier.

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