Ethereum: Smart money buys the dip as ETH dives 9% – What’s next?

• ETH fell 9% post-airstrike, but whales accumulated over $16 million worth through direct buys and AAVE loans.
• Ethereum remains range-bound; a drop below $2,400 could open the path toward $2,150 support.

Following Israel’s airstrike on Iran, whales seized the opportunity to accumulate Ethereum [ETH] as prices crashed significantly.

Naturally, such action stirred speculation—was this the start of accumulation before a bigger move?

Ethereum whales borrow, buy, and accumulate

During Asian trading hours, Onchain Data Nerd reported that a crypto whale borrowed $5 million from AAVE and acquired 1,844 ETH worth approximately $4.6 million.

Whereas two more crypto wallets, likely belonging to the same whale, bought 4,521 ETH for $11.7 million, setting a prime example of a “buy the dip” strategy.

$202 million worth of ETH outflow from exchanges 

On top of that, spot data from CoinGlass revealed a $202.03 million Exchange Outflow from ETH wallets on the 13th of June alone.

This substantial outflow is typically considered a sign of accumulation and can create buying pressure, or, in the current market situation, reduce selling pressure.

Critical battle zones for ETH

Given the current market sentiment, traders aren’t hesitating to bet on short positions.

The Liquidation Map showed a massive imbalance: short positions near $2,796 ballooned to $2.64 billion, while long positions at $2,440 held just $201 million.

These substantial bets on short positions indicate a short-term bearish sentiment among traders.

At press time, ETH is trading near the $2,505 level and has recorded a price decline of over 9% in the past 24 hours.

During this period, its trading volume surged by 35%, indicating heightened participation from traders and investors amid the price dip.

Price slides 9%, but….

According to AMBCrypto’s technical analysis, Ethereum is still in its prolonged consolidation range between the $2,409 and $2,730 levels, which creates an accumulation zone for investors.

Based on recent price action and historical momentum, whenever the asset’s price approaches the lower boundary of this range, it tends to experience an upside rally.

Given the current market structure, there is a strong possibility that ETH will continue to trade sideways until major developments occur.

However, given the geopolitical tensions, a breakdown is firmly on the table. If ETH slips below $2,400, the next key support lies near $2,150—a zone bulls must defend to avoid a steeper slide.