422 Million Dollar ETH Purchase: Is the Rise Starting?

The price of Ethereum has risen to $2,491, starting to recover from its recent losses. After the geopolitical tensions over the weekend, falling ETH is beginning to attract investor interest again. In the past two weeks, Ethereum has lost around 13% in value. Tensions in the Middle East and global economic uncertainty are generally putting pressure on the altcoin market. However, the massive ETH purchases coming in this environment indicate that the trend could reverse.

Corporate Purchases Are Increasing: $422 Million Worth of ETH in 3 Weeks
Investor Ted Pillows announced in a post on social media platform X that a whale purchased 8.91 million Dollar worth of ETH through Galaxy Digital in just one day. It is reported that this individual or institution has accumulated a total of 422 million Dollar worth of Ethereum over the past three weeks.

This development brings the confidence of institutional investors in Ethereum back to the forefront. Indeed, according to CoinShares data, digital asset funds made a purchase of 123 million Dollar worth of ETH in the week of June 17-23.

Ethereum is still trading 50% below its peak of $4,800 in 2021. This still presents a serious buying opportunity for big players.

Technical Indicators Are Indicating a Reversal
The technical analysis data for Ethereum is also giving positive signals. The Relative Strength Index (RSI) is approaching the 50 level. This indicates that the selling pressure is weakening.

On the other hand, the MACD indicator has recently bottomed out in the convergence and divergence between moving averages. This situation indicates that a short-term upward trend may be starting.

Most investors believe that Ethereum's Layer-1 infrastructure and its total locked value of 61.7 billion dollars (TVL) will remain strong in the long term. Upcoming network updates and scalability steps also support these expectations.

Price Estimate: 3,000 Dollar at the Door?
The increasing interest from whales and institutional capital flows indicate that Ethereum may regain strength. Market experts predict that the price of Ethereum could reach 3,000 Dollar by the end of July and 3,500 Dollar in September.

If global conditions remain stable, Ethereum could initiate a strong rally. Both technical analyses and institutional movements support this possibility.
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