Whale is buying what after the Black Monday crash

While the accumulation trend is still stagnating—even showing signs of decline—for most major cryptocurrencies, Ethereum (ETH) and Optimism (OP) have seen a significant increase in the number of large wallets from April 4 to April 6. This move comes amid strong market correction pressures, indicating initial confidence from institutional investors and the potential for a trend reversal in the near future.

With ETH approaching the $1,400 level and OP trading at its lowest in three years, the coming days could play a crucial role if the accumulation by large investors—also known as “whales”—translates into new upward momentum.

Ethereum (ETH)

Between April 5th and April 6th, Ethereum “whale” wallets—those holding between 1,000 and 10,000 ETH—rose from 5,340 to 5,388, reflecting a period of quiet accumulation as the market underwent a deep correction.

The behavior of these large investors is often an important indicator, as they tend to precede significant market movements. The accumulation increase by “whales” may indicate confidence in the long-term value of ETH and suggest a potential reversal of trend.

Number of addresses holding between 1,000 and 10,000 ETH | Source: Santiment. If the current downtrend of Ethereum continues, the price of ETH risks falling below $1,400 for the first time since January 2023, opening up the possibility for deeper losses. However, the recent increase in activity from large investors indicates a potentially optimistic signal.

If ETH can regain the level of $1,748, the price could continue to rise to $1,938, and in the case of a strong recovery, it could even retest the $2,000 level—a crucial price point both psychologically and technically for the bulls.

Optimism (OP)

Similar to ETH, Optimism has also witnessed an increase in the number of large wallets during the market correction phase. The number of “whale” wallets holding between 10,000 and 1,000,000 OP has risen from 4,138 on April 4 to 4,151 on April 6, indicating that large investors are quietly accumulating despite strong selling pressure in the market.

This move may reflect long-term confidence in the Optimism project, even as the entire cryptocurrency market faces instability. In difficult periods like the current one, the accumulation by large investors is often an early sign of a potential price reversal, as they tend to act before the sentiment of retail investors changes.

The number of addresses holding from 10,000 to 1,000,000 OP | Source: SantimentCurrently, OP is trading near its lowest level in three years and is under significant bearish pressure. If the downward trend continues, this token risks breaking the support level of $0.50. However, if the accumulation move by “whales” reflects a change in market momentum, OP could recover to test the resistance level at $0.65.

If it breaks through this resistance level, OP could open up a price increase opportunity to $0.77, and in the case of a stronger recovery, it could even retest the level of $0.84.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making any decisions. We are not responsible for your investment decisions.

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Mr. Teacher

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