On-chain data reveals that a whale has increased their Eehereum holdings with a substantial purchase.

According to Lookonchain, the whale, who already held millions of dollars worth of Ethereum (ETH) accumulated over recent months, made a 1,800 ETH purchase valued at $7 million. This acquisition occurred as the price of Ether hovered near $3,900.

Lookonchain shared the whale’s transaction via a post on X.

This whale has been actively accumulating Ethereum since May 24, amassing 39,600 ETH in total over several months. With the recent addition, the total investment value has reached approximately $99 million, bringing the whale’s average purchase price to $2,487 per coin.

The whale’s bullish view on the altcoin saw them acquire over 6,800 ETH in four transactions in the past four months. Overall, the acquisitions currently put their unrealized profit at $54 million.

Something noteworthy about this whale is that they held as some took a bearish view with huge net inflows in September. As Ether price fell to lows of $2,200, data from IntoTheBlock showed whales sent more than $493 million in a week.

Ethereum has since witnessed a recovery to above $4,067 as bulls took control following Trump’s win.

Analysts at Singapore-based QCP Capital say Bitcoin (BTC) and ETH are both at key levels despite the profit-taking deals at the critical $100K and $4k respectively. Options data for the 27 Dec. 2024 expiry indicates levels that “align with the highest open interest,” the analysts wrote.

Pointing to a potential squeeze higher, QCP analysts noted:

“History says ETH hits new highs in January post-halving. Options markets agree, where #ETH risk reversals favor calls starting in January.”