Ethereum price is once again under the spotlight after a massive transaction involving over $320 million in ETH stirred market speculation. A whale wallet, allegedly linked to ConsenSys, acquired 122,000 ETH from Galaxy Digital, sparking renewed interest in Ethereum’s price potential as bulls eye the $3,000 resistance level.
This move, shared by on-chain analyst Ash Crypto, comes as Ethereum consolidates above $2,600, showing resilience despite the broader market’s hesitation.
Let’s break down the implications of this whale activity—and whether ETH is gearing up for another leg up.
The Whale Behind the Transfer
According to on-chain data, the whale wallet 0x9cc09f99 received multiple large ETH transfers from Galaxy Digital OTC, totaling over $320 million USD in value within a 24-hour period.
The wallet is suspected to be linked to ConsenSys, the parent company of MetaMask and Infura. If accurate, this could signal significant institutional positioning—possibly ahead of further DeFi integrations or ETF developments.
Source: Ash Crypto
Key transaction:
- 24,278 ETH transferred from Galaxy Digital OTC
- Additional 98,000+ ETH acquired across several smaller chunks
- All routed into the same recipient wallet
The transactions were transparent and traceable, providing clear evidence of significant interest in ETH accumulation from sophisticated entities.
Ethereum Price Analysis: Is $3,000 Next?
As of June 5, Ethereum is trading near $2,605, showing strength after weeks of consolidation. The price has held above the $2,500 psychological level despite macroeconomic headwinds and a flat Bitcoin.
Source: Tradingview
Chart Structure:
- Support: $2,500, then $2,400
- Resistance: $2,720 short-term, $2,850–$2,900 medium-term
- Volume: Gradually increasing on green candles, signaling renewed bullish momentum
If momentum continues, a breakout above $2,720 could open the door to retesting $2,900 and potentially $3,000—a level not seen since early Q1 2024.
On-chain volume spikes also match historical patterns that preceded major ETH rallies, reinforcing bullish expectations.
Final Thoughts: Is Ethereum Heating Up?
With a $320M whale transfer drawing attention and Ethereum maintaining strength above key levels, momentum appears to be building. If the buying pressure continues and Bitcoin stabilizes above $105K, Ethereum could easily climb past $2,800 in the short term.
The rumored link to ConsenSys also suggests strategic accumulation, possibly related to upcoming rollouts or enterprise partnerships.
Traders are watching:
- Will Ethereum outperform other altcoins in June?
- Can ETH break past $2,800 and confirm a new leg in the bull cycle?
- Is this whale activity signaling a larger narrative shift toward ETH?
Ethereum’s fundamentals remain strong—and if large players are positioning, it may be time to pay attention.
