Amid the bearish outlook in the crypto market, on-chain data has provided a bullish outlook for the Ethereum price, which could recover soon enough. Specifically, ETH has witnessed a surge in its large transaction volume, which is a positive amid this market downturn.
Ethereum’s Large Transaction Volume Explodes 206% In 24 Hours
IntoTheBlock data shows that Ethereum’s large transaction volume has surged by 206% in the last 24 hours, with $10.59 billion traded during this period. This is bullish for ETH’s price as it indicates that crypto whales were accumulating during this market downtrend in which the second largest crypto by market cap dropped to as low as $3,000.
Crypto analyst Ali Martinez also highlighted this accumulation from “mega whales.” In an X post, he revealed that 13 mega whales, each holding 10,000 ETH, have joined the network. He added that this signals significant accumulation activity.
Such an accumulation trend could spark a price rebound for Ethereum, as whales’ accumulation always precedes a price rally. For ETH, the psychological $4,000 price level remains the major target for the crypto in the mid-term, as it has failed to hold above this level on several occasions.
Moreover, crypto analysts have highlighted this $4,000 target as the price level that Ethereum needs to flip as support in order to target its current all-time high (ATH) and even rally to new highs. While this accumulation trend could serve as a catalyst for a rally to the $4,000 price level, other on-chain metrics suggest that there is still a mixed sentiment in the ETH ecosystem, which could act as a stumbling block to this rally.
IntoTheBlock data shows that the ‘Concentration’ metric is currently neutral, meaning that ETH whales are still undecided about adding to their positions or not. Meanwhile, the ‘In The Money’ metric is currently bearish as most holders are out of the money. This could lead to Ethereum holders offloading their coins in a bid to cut their losses, a move that is bearish for price.
Patience Is Key
Crypto analyst Virtual Bacon has stated that patience is key in relation to the Ethereum price action. In an X post, the analyst noted that ETH shines in the first half of the year as January to June is historically bullish for ETH and the ETH/BTC ratio. In line with this, he added that statistically, holding ETH now and switching to BTC in May or June offers the best gains.
Martinez has also alluded to Ethereum’s historical bullish performance in the first quarter of every year, as one of the reasons why this is not the right time to give up on ETH. The analyst also noted that ETH has enjoyed its best Q1 performance in odd-numbered years, of which 2025 happens to be among them.
At the time of writing, the Ethereum price is trading at around $3,200, up almost 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
