Ethereum’s rally above $2500 brought a $20 million profit to a whale. ETH price is targeting the $3000 mark.

On-chain analysis firm Lookonchain has hinted at a whale that benefited from Ethereum’s impressive rally, noting that the accumulator is now profitable and has withdrawn 1,687 ETH (approximately $4.2 million) from Gate.io.

According to the firm, the whale has been accumulating Ethereum since February 15 when ETH price was around $1,600. When the value of the asset dropped, the whale was left with a $21 million loss. However, the accumulator didn't stop buying the leading altcoin.

On Saturday, the address withdrew another $4.2 million in ETH from the Gate.io crypto exchange. The whale has accumulated 50,165 ETH, which is about $104.5 million, at an average price of $2,084.

This 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Since Feb 15, he has withdrawn 50,165 $ETH($104.5M) from #Gateio at ~$2,084.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.co/06nidOmKtj pic.twitter.com/7Zbe2o510n

— Lookonchain (@lookonchain) May 11, 2025

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

Is Ethereum In The Bull Zone?

The price of Ethereum has risen considerably in recent times. In the past seven days, the asset is up 41%, and in the last 30 days, it has gained 64%.

As the broader crypto market leant toward the greed zone, the asset almost hit the $2,600 mark on Saturday. In the past 24 hours, it is seen to be consolidating between $2,450 and $2,550.

The asset again gained bullish momentum as the broader crypto market leant 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.

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. Stellar macro conditions and efficient operations by the Ethereum team could help the asset reach the target.