Despite the current market downturn, prominent Ethereum investors are seizing the opportunity to accumulate a significant amount of ETH, worth $2.45 billion, in anticipation of the next market upswing. According to on-chain analyst Ali Martinez, citing data from Santiment, Ethereum whales have purchased over 700,000 tokens in the last three weeks, indicating a substantial influx into the market.

These whales, holding between 10,000 and 100,000 ETH tokens, have been actively accumulating during the recent price dip. Notably, their on-chain activities contrasted with the bullish trend in late May when Ethereum approached $4,000. However, as the market pulled back, their holdings gradually increased, with the buying frenzy gaining momentum in recent days.

At present, ETH is trading at $3,563, marking a 3.5% loss from its value last week, but still maintaining over 18% of the gains accrued in the past 30 days. According to Martinez's analysis, a technical indicator has issued a buy signal on the Ethereum daily chart, predicting a rebound of one to four daily candlesticks for ETH. This projection is partly materializing, with the asset posting a 1% gain in the last 24 hours.

In conclusion, Ethereum whales are capitalizing on the current market dip, accumulating a substantial amount of ETH in anticipation of the next bull market phase. As the market continues to evolve, it remains to be seen whether this buying spree will contribute to a potential price rebound.