# Ethereum Whales Buy $2B ETH Amid 12% Drop

**Published:** 2026-07-04T12:48:42.086Z  
**Topic:** Ethereum%5C%5C%5C  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/3bdaefc9-1f2d-4bea-a061-9a129b195bff

Ethereum whales accumulated $2 billion in ETH as the price dropped 12% in May, signaling a potential relief bounce despite ETF outflows and weak sentiment.

Ethereum’s largest holders accumulated more than $2 billion worth of ETH over the last month, even as the token’s price slumped 12% to roughly $2,012. This divergence between whale accumulation and retail selling suggests a potential relief rally is building, provided key support levels hold.

| At a glance | |
|---|---|
| **Price** | ~$2,012 |
| **30-Day Move** | -12% |
| **Catalyst** | $2B whale accumulation |
| **Key Level** | $1,964 (resistance) |

## Whale Accumulation vs. Price Drop
On-chain data from Santiment shows wallets holding at least 100,000 ETH added roughly 1 million tokens between May 1 and May 29, a net gain valued at over $2 billion at current prices [1]. This accumulation occurred while the price fell from over $2,300 to approximately $2,012, a decline that coincided with ETF outflows and a drop in the Fear & Greed index into "extreme fear" territory [1]. These large wallets now control 17.41 million ETH, or 22.03% of the total supply, marking a ten-week high in concentration [1].

## Technical Setup and Holder Behavior
Unlike the sell-off in early February when long-term holders distributed coins and the price fell 19%, current data from Glassnode shows holders with positions older than five months are continuing to accumulate [1]. This "hodler" metric has been green since February 24, contrasting with the "deeply red" distribution seen earlier in the year [1]. Technically, Ethereum is forming a "hidden bullish divergence" where the price prints higher lows while the Relative Strength Index (RSI) prints lower lows, a pattern that typically signals seller exhaustion ahead of a relief bounce rather than a full trend reversal [1].

| Key Technical Levels | |
|---|---|
| **Breakout Level** | $1,964 |
| **Support** | $1,798 |
| **Downside Target** | $1,545 |

## What to watch
*   **The $1,964 level:** A two-day candle close above this price is required to confirm the bullish divergence pattern; a close below it invalidates the setup.
*   **Holder behavior:** Monitor Glassnode’s hodler metric to ensure long-term holders continue to accumulate rather than distribute.
*   **Whale flows:** Watch if whales continue to hold tokens off-exchange or begin moving funds back to trading platforms.

The $2 billion in whale buying does not guarantee a rally, but it provides a stronger foundation for a recovery than price action alone would suggest. The validity of the bullish setup hinges entirely on whether ETH can reclaim the $1,964 level in the coming days.

## Sources
1. 24/7 Wall St — [Ethereum Price Analysis: Why Whales Added $2 Billion in ETH While Price Fell 12%](https://247wallst.com/investing/2026/05/29/ethereum-price-analysis-why-whales-added-2-billion-in-eth-while-price-fell-12/)
2. AOL — [Ethereum Price Analysis: Why Whales Added $2 Billion in ETH While Price Fell 12%](https://www.aol.com/articles/ethereum-price-analysis-why-whales-214312000.html)

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Cite as: TrendWatcher, "Ethereum Whales Buy $2B ETH Amid 12% Drop", https://www.trendwatcher.in/article/3bdaefc9-1f2d-4bea-a061-9a129b195bff