The latest on-chain data shows that a prominent Ethereum whale has returned to the crypto market over the past week, as the ETH price persists above the $2,000 level.

ETH Whale Held $538M In Crypto In 2022

According to data from Arkham Intelligence, an Ethereum OG whale known as thomasg.eth has been on an Ether buying spree (valued at approximately $19.5 million) over the past week. The entity acquired spot Ether, wrapped ETH (WETH), and Aave-deposited ETH across Arkham-tracked wallet addresses, with the latest purchase worth $3 million on Friday, March 20.

Arkham revealed in its post in X that the whale once held around $538 million in cryptocurrency assets, including Ethereum, Wrapped Bitcoin (WBTC), and DAI at the peak of the market in 2021. However, the large-scale Ethereum investor had reduced their exposure to cryptocurrencies and downsized their portfolio to nearly zero by the middle of 2022.

HE ONCE HELD $500M IN CRYPTO – NOW HE’S BUYING BACK

Ethereum OG @thomasg_eth held $538M in ETH, WBTC and DAI at the top of the market in 2021. Now, he’s buying back. He just bought $3M of ETH, and he’s bought a total of $19.5M this week.

Ethereum OGs are stacking $ETH. pic.twitter.com/ttWQGweY7m

— Arkham (@arkham) March 21, 2026

Typically, strategic moves like thomasg.eth’s often send shockwaves through the crypto community, considering the holder’s whale status. Nevertheless, this acquisition seems like a sheet out of the “buy the dip” playbook, with the Ethereum price currently more than 56% down from its all-time high of $4,964. 

As of this writing, the price of ETH stands at around $2,153, reflecting no significant movement in the past day. The price action of the second-largest cryptocurrency seems to have improved in the past month, after a dreadful February performance, which saw a fall to around $1,800.

Ethereum Enters Historical Buy Zone — What Next?

Interestingly, popular crypto analyst Ali Martinez has put forward a bullish prognosis for the ETH price over the coming weeks. This optimistic outlook is based on the MVRV Ratio, which compares the coin’s market value to its realized value.

As highlighted by Martinez, the Ethereum price has witnessed historical rallies after the MVRV Ratio dropped to or below the 0.8 mark. Most recently, the price of ETH surged by 250% after the metric fell to this threshold in April 2025.

The trend is based on the fact that a low MVRV value indicates that the majority of the market is in a loss, measuring how deeply undervalued the asset currently.

According to the crypto analyst, the ETH MVRV dropped toward this threshold earlier this month, implying that a buy window has opened for the altcoin. This suggests that the price of Ethereum could be on the way back to its former high.

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