Data from the Spot On Chain platform shows that whales have benefited from the recent decline by making significant purchases of ETH.

In one notable transaction, one of them purchased 7,128 ETH for $22 million at an average price of $3,111. This particular investor currently holds approximately $482 million worth of ETH, demonstrating an unwavering commitment to the cryptocurrency despite short-term market volatility.

Another whale with wallet address 0xe0b collected 1,524 sETH at an average price of $3,159, bringing their total sETH holdings past the $10 million mark. This strategic move has already returned approximately 3.42%, demonstrating the potential benefit of accumulating ETH during market downturns.

The bullish sentiment among whales is further evidenced by the growing share of the total supply of ETH held by leading addresses. The percentage of deliveries to these addresses rose from 41.37% on the day of the Bitcoin halving to 41.45% as of April 24, according to Santiment. This growth in assets suggests that whales are actively accumulating ETH, even despite price fluctuations.

In the derivatives markets, the majority of whale positions on Binance are long ETH, with approximately 63% of these large investors betting on future increases in the price of the cryptocurrency.

Although long exposure has subsided slightly since the halving, the overall sentiment remains optimistic, indicating strong belief in Ethereum's potential to recover and reach new heights.

Ethereum faces a critical test at the $3,200 resistance level. Technical analysis suggests that a decisive break above this threshold could pave the way for a significant rise in prices, with potential targets at $3,500 and even $3,550. However, failure to breach the $3,200 barrier could lead to further downside pressure, with support levels identified at $3,125, $3,075 and $3,030.

With market sentiment leaning toward greed, increased buying pressure could fuel Ethereum's recovery in the coming days, potentially setting the stage for a new phase of growth and adoption.