Ethereum bulls might have a reason to celebrate soon—ConsenSys, the blockchain company founded by Joseph Lubin, appears to be on a full-on Ethereum buying spree.
On June 24, Lookonchain reported that a wallet likely linked to ConsenSys scooped up another 3,704 ETH (worth $8.91M) via Galaxy Digital’s OTC desk. In total, the same wallet—0xCd9…F5F75—has purchased 161,112 ETH over the past three weeks, totaling a staggering $422 million in ETH buys.
While the identity behind the wallet isn’t confirmed, analysts are connecting the dots. Arkham Intelligence shows that ETH is frequently transferred to 0x0b2…83E57, a wallet holding over $187 million in Liquid Staked ETH (LsETH).
This isn’t a one-off event. Recently, ConsenSys was also reported to have acquired 108,278 ETH worth $320 million, further suggesting a massive long-term bet on Ethereum.
And it’s not just them.
Whales have been buying the dip aggressively. One whale withdrew 28,000 ETH ($67M) from Binance, signaling long-term holding intent. Clearly, institutions and crypto elites are stacking up.
So what does this mean for ETH’s price?
Currently, ETH is trading at $2,419, up 7% in 24 hours, with a daily low of $2,191 and a high of $2,446. Trading volume is also up 10%, hinting at growing trader interest. On the charts, ETH still needs to flip $2,500 to gain momentum.
RSI is climbing (now around 46), and analysts say a “golden cross” might form in July—possibly triggering the next bull move. Michael van de Poppe thinks reclaiming 0.023 on the ETH/BTC chart could supercharge the rally.
For now, ETH looks to be consolidating in the $2,500–$2,750 range. But if this institutional accumulation keeps up, $3,000 might not be so far away.
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