Ethereum reached a ceasefire protocol to help the encryption market rebound. Whale increased its holdings of $4.22 billion ETH in the past three weeks.

Gate News bot message, Ethereum has experienced significant Fluctuation in recent days, mainly due to the escalation of geopolitical tensions in the Middle East. ETH fell below the range since early May, falling to $2100 at one point, causing widespread investor concern. This significant fall is largely attributed to the market’s reaction to the US attack on Iran’s nuclear facilities, exacerbating the conflict between Israel and Iran.

However, the market quickly responded positively to the news. After reports of a ceasefire agreement between Iran and Israel, Ethereum rebounded strongly above $2400, temporarily easing global risk sentiment. This reassuring rebound has brought new optimism to the Ethereum market, especially with increased institutional confidence.

According to analyst Ted Pillows’ data, a large whale or institutional entity has once again purchased $8.91 million worth of ETH, continuing its aggressive accumulation trend. It has been reported that the same institution has purchased $422 million worth of ETH in the past three weeks, indicating that despite recent market pressure, investors still hold firm confidence. This wave of accumulation indicates that long-term investors may view the current price range as a key opportunity, reinforcing the view that once the overall environment stabilizes, Ethereum may be laying the groundwork for the next major move.

News Source: NewsBTC