A crypto wallet suspected to be associated with leading market maker Cumberland has accumulated over $76 million worth of Ethereum since June. This sustained buying spree has raised speculation about an impending ETH rally as accumulation aligns with bullish market trends.
According to on-chain data shared by analyst @ai_9684xtpa, the wallet accrued a total of 3,263 ETH within eight hours alone, which was worth about $11.75 million. The address currently possesses 23,463.3 ETH purchased on average at the price of $3,261 per coin. Seeing as Ethereum is already trading at $3,566, the wallet holds an unrealized gain of more than $6.63 million.
ETH Accumulation Mirrors Market Strength Amid Uptrend
Significantly, the schedule and regularity of the purchases indicate a planned approach as opposed to speculative ones. All the entries are in price consolidations, where trading preference is structural scaling as opposed to random trade. None of the outgoing transactions are entered on the address, which further makes it evident that it is a long-term holding position.
Ethereum’s price has been stable above the current price of $3,500, and the technical analysis supports the upward trend. The 4-hour chart shows increased lows and a steady uptrend, as every retracement has had support below the 50-period EMA, which is currently at $3,216.9. Since the beginning of July, the market structure has been retained, and only a little retracement was observed as ETH traded in an upward channel.
This is not the first wallet activity; the same address made an interesting purchase earlier this week, purchasing 4,076 ETH at an average price of $3,337. The last three major purchases of 3,263 ETH were made at an average price of $3,602, which is an indicator of increased assurance as prices claw higher.
Analyst Flags Cumberland Connection as Accumulation Intensifies
The whale that got a position of 4,076 $ETH at the average price of $3,337 yesterday spared another $11.75 million in the last 8 hours, according to @ai_9684xtpa commenting on X, to acquire 3,263 ETH at the average price of $3,602.
He has been stocking up with 23,463.3 ETH (rounded $76.52 million), having an average price of $3,261, and currently has a floating profit of $6.634 million as of 06.18. This might be an address in Cumberland, and on various previous occasions.”
The consistency of institutional trading behavior during the consolidations is seen in the structured gains, high aggregate numbers, and timing of the gains in the bottoming process. These indications are in line with Cumberland’s prior wallets, which have been known to implement bulk in times of low volatility.
Moreover, its purchasing model is also related to the fact that an increasing institutional demand backs Ethereum. The market price to average entry difference is healthy, underlining the bullish anticipation.
Conclusion
As Ethereum maintains its position above key support levels, the continued activity of this whale wallet underscores growing institutional confidence. If accumulation persists alongside market strength, it could serve as a signal for further upside momentum in ETH’s price.
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