Ether Slides Nearly 10% as Whale Accumulates $300M, Signaling Potential Bullish Divergence

Ethereum’s native token, ether (ETH), posted its first weekly decline in over a month, slipping nearly 10% amid renewed macroeconomic pressure and profit-taking across digital assets. The drop snapped a five-week winning streak and pushed ETH below the $3,400 mark at its lowest point, according to CoinDesk data.

Despite the bearish turn, on-chain data reveals a striking countertrend move by a high-value investor. A single whale accumulated $300 million worth of ETH during the pullback, according to Arkham Intelligence, signaling strong conviction and potentially setting the stage for a bullish divergence.

This accumulation comes as broader risk assets falter in response to global market uncertainty. Friday’s weaker-than-expected U.S. jobs data and a strengthening dollar rattled investor confidence, prompting a retreat from high-beta assets like cryptocurrencies.

The contrasting signals — price weakness against aggressive whale buying — have sparked debate over whether ETH’s selloff represents a deeper correction or merely a short-term shakeout.

“This kind of accumulation during a downtrend often reflects long-term positioning rather than speculative churn,” noted one analyst. “It suggests confidence that the current weakness may be temporary.”

Meanwhile, Bitcoin (BTC), the market’s benchmark asset, remained more resilient, down just 4.5% on the week. That relative outperformance aligns with recent options market data indicating a sentiment shift favoring BTC over ETH.

Still, the sheer scale of the whale’s ETH purchase adds a layer of complexity to the narrative. While technical indicators point to declining momentum, large-scale accumulation could act as a stabilizing force — or even a signal of impending reversal.

As macro conditions continue to evolve, traders will be watching closely to see if the recent dip proves to be a buying opportunity — or the start of a broader rotation away from Ethereum.