Ethereum Plunges to $3,600 — But Whales Are Snapping Up ETH Like Never Before!

Jakarta, Pintu News – Ethereum (ETH) price continues to consolidate around key resistance levels after experiencing a strong upward trend over the past few weeks.

Amidst these conditions, whales and institutions, with great confidence, continue to accumulate ETH and utilize the current price drop as an opportunity.

Then, how is Ethereum’s current price movement?

Ethereum Price Drops 2.66% in 24 Hours

As of July 24, 2025, Ethereum was trading at approximately $3,654, or around IDR 59,607,117, marking a 2.66% drop over the past 24 hours. Within that timeframe, ETH dipped to a low of IDR 57,839,492 and reached a high of IDR 61,238,040.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at around $441.24 billion, with daily trading volume falling 8% to $38.56 billion in the last 24 hours.

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ETH Accumulation Increases Drastically

On July 23, blockchain-based transaction trackers such as Lookonchain and Onchain Lens revealed that whales and institutions have been accumulating large amounts of ETH.

A newly created wallet, named 0x8eEa, has accumulated 33,644 ETH worth approximately $125.73 million through the FalconX platform.

With this purchase, the whale’s total ETH holdings and accumulation jumped to 105,977 ETH, equivalent to $397 million in just the last four days.

Not only that, another new crypto wallet was also recorded buying 32,640 ETH worth $122.18 million through OTC (Over The Counter) transactions.

As a result, the wallet’s ETH holdings increased to 43,787 ETH, worth approximately $163 million over the past four trading days.

In addition to these crypto whales, publicly traded company SharpLink Gaming (Nasdaq: SBET), often dubbed as “Ethereum’s MicroStrategy”, also bought 79,949 ETH last week. This saw their total holdings jump to 360,807 ETH.

The data shows that these total holdings have increased by 29% compared to the previous week.

Looking at the amount of accumulation from institutions and crypto whales, it seems that the race to accumulate ETH has now truly begun.

ETH Price Momentum is Still Flat

Despite massive accumulation by whales and institutions, this movement has not had a significant impact on the price of ETH, which remained relatively stable on July 23.

As of July 23, ETH was hovering around $3,682, recording a slight increase of 0.90%. However, trading volume during the same period actually decreased by 17%, signaling lower trader participation.

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Analysis from AMBCrypto shows that ETH is still in an uptrend, but due to the overvalued price and a significant increase of more than 35%, it is currently experiencing profit booking.

It all started when ETH approached the key resistance level of $4,000. Although there is ongoing profit-taking, ETH hasn’t experienced any major price drops.

Based on the 4-hour chart (23/7), ETH has consistently found support from the $3,650 level. If market sentiment turns negative and the price breaks below this support, ETH risks a drop of up to 8%, which could take the price down to the $3,300 range.

Conversely, if the price is able to hold above this support level, ETH still has the potential to continue its rally and re-test the $4,000 resistance level.

Important Liquidation Levels to Look Out for

According to data from on-chain analytics company CoinGlass, there are two main liquidation levels that show great interest from traders.

On the downside, an important liquidation level is at $3,359.7, where traders have built a long position worth about $290 million. This signals an expectation that the price will rise from that level.

Meanwhile, on the upside, the crucial liquidation level is at $3,768.9, with $589.17 million worth of short positions opened. This means that many traders predict that the ETH price will not be able to break this level in the near future.

This data reflects that the current market sentiment is bearish, as the majority of traders do not seem to believe ETH will be able to surpass the $3,768.9 level in the near future.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• AMB Crypto. Ethereum whales make massive moves: Is this your cue to buy ETH? Accessed on July 24, 2025