Even hackers have started to accumulate the world’s largest altcoin after the price massacre.
Ethereum’s controversial history during the time of extreme distress continues, as the asset was among the poorest performers on Friday (and overall since the correction began), dumping to a 14-month low at $1,500.
After the recent FUD spread on X that ConsenSys’ Joseph Lubin might be selling, here’s a portion of good news for Ethereum, including technical tools and who’s buying.
The Technical Setup
The largest altcoin by market cap traded at over $2,400 by mid-May when the entire market seemed in a lot more favorable state, with assets charting multi-month highs. However, the subsequent rejection drove it south hard, which culminated, as mentioned, on Friday.
After this $900 decline, representing a near-40% drop, some technical indicators suggest a bigger rebound is in the making. The first is the TD Sequential, a metric used to determine the underlying asset’s exhaustion in either direction, which has finally flashed a buy signal on a daily chart, according to Ali Martinez.
The second is actually against BTC. ETH has been dipping hard against the market leader, and it dropped to 0.026 during the market-wide crash on Friday. Michaël van de Poppe believes accumulation here could be a “wise strategy,” especially since “yields are likely peaking in the short-term and CLARITY Act vote is around the corner.”
There we go, 0.026 has been reached.
This is the area where I think accumulating $ETH is a wise strategy, especially since:
– Yields are likely peaking in the short-term.
– Clarity Act vote is around the corner.The latter one is a ‘Sell the rumor, buy the news’ type of event,… https://t.co/wuOprXjwK1
— Michaël van de Poppe (@CryptoMichNL) June 7, 2026
Who Is Buying?
In addition to the technical tools, on-chain data has revealed that different sorts of investors have started to reaccumulate. The first is an Ethereum OG whale who sold at prices above $2,000 but has returned to the buying scene by purchasing $56 million worth of the asset at under $1,570 per token. The second came from a wallet linked to Chun Wang, which accumulated over $28.5 million worth of ETH, according to data from Lookonchain.
You may also like:
The last one outlined by the analytics company is rather intriguing, as it’s not a typical investor per se. Instead, it’s the anonymous hacker behind the Pando Rings attack, who spent 10 million DAI to purchase 6,234 ETH at $1,602 earlier.
Even the hacker is buying the $ETH dip.
The Pando Rings hacker spent 10M $DAI to buy 6,243 $ETH at $1,602 just 6 hours ago.https://t.co/jFwsxtU0s6 pic.twitter.com/Cqph1Z7aLc
— Lookonchain (@lookonchain) June 6, 2026
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
No Comment! Be the first one.