Ethereum’s rally above $2,500 brought a $21 million profit to a whale. ETH price is targeting the $3,000 mark.
On-chain analysis firm Lookonchain hinted at a whale that benefited from Ethereum’s ETH $3 590 24h volatility: 4.2% Market cap: $433.73 B Vol. 24h: $30.30 B impressive rally.
According to the X post, this whale has been accumulating Ethereum since Feb. 15.
The whale who spent the past 3 months accumulating $ETH is now profitable—and withdrew 1,687 $ETH ($4.2M) from #Gateio again.
Since Feb 15, he has withdrawn 50,165 $ETH($104.5M) from #Gateio at ~$2,084.
He's flipped a $21M loss into a $21.7M profit.https://t.co/06nidOmKtj pic.twitter.com/7Zbe2o510n
— Lookonchain (@lookonchain) May 12, 2025
When the ETH price wandered around $1,600, the whale was sinking with a $21 million loss, according to Lookonchain. However, the accumulator didn’t stop buying the leading altcoin. On May 11, the address withdrew another $4.2 million in ETH from the Gate.io crypto exchange.
The whale has accumulated 50,165 ETH, worth $104.5 million, at an average price of $2,084.
Ethereum’s recent rally helped the Ethereum whale flip the $21 million loss into a $21.7 million profit.
Is Ethereum In The Bull Zone?
Ethereum rose 41% over the past seven days and 64% in the last 30 days. The leading altcoin almost hit the $2,600 mark on May 11 and consolidated between $2,450 and $2,550 over the past 24 hours.
The asset again gained bullish momentum as the broader crypto market leaned toward the greed zone. ETH is currently trading at $2,615 with a market cap of $316 billion.
According to data provided by Trading View, Ethereum’s Relative Strength Index has been consistently declining since May 9, falling from 90 to 55, despite the price hike.
ETH 1H chart – May 12 | Source: TradingView
The indicator shows that Ethereum moved from overbought to neutral while hitting a three-month high. Historically, a declining RSI combined with a rising price suggests mature market conditions with steady upward momentum.
Ethereum’s next major target is the $3,000 mark. Steady whale accumulation and favorable macro conditions could help not only ETH but also the broader crypto market reach new highs.
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