F2Pool Co-Founder Buys 17.5K ETH as Ethereum Tests $1,500 Support

Rupam Roy serves as Sub-Editor at Coingape, where he covers crypto, blockchain, Web3, AI, and global markets. With three years of financial market experience, he's built a reputation as a meticulous research analyst and insightful journalist who thrives on unpacking the financial landscape's dynamic nuances. His work spans breaking stories, real-time crypto updates, and economic news.

Highlights:

• F2Pool co-founder Chun Wang accumulates 17,560 ETH amid Ethereum price decline.
• Ethereum price hovers near $1,500 amid strong selling pressure and bearish sentiment.
• Analysts warn ETH price could drop toward $1,000 if key support levels fail.

Ethereum price has recorded a slump of nearly 34% over the past month and is hovering near the brief $1,500 support at the time of writing. The dip has drawn some traders back into the ETH market at a discount, with F2Pool co-founder Chun Wang placing a hefty bet on the second-largest crypto by market cap. The accumulation suggests that some market participants are still optimistic about a potential recovery ahead for Ethereum price.

F2Pool Co-Founder Sparks Optimism With ETH Bets

Crypto entrepreneur and F2Pool co-founder Chun Wang is on investors' radar today with his latest Ethereum purchase. According to on-chain tracker Lookonchain, Wang has accumulated 17,560 ETH today, sourced from Binance and valued at $28.67 million. The accumulation coincides with a separate report that Ethereum co-founder Joseph Lubin's wallet has moved 80,001 ETH, worth roughly $121.6 million, though the transfer's intent is not yet clear. Many are reading it as a potential sell, which has kept the broader market on the sidelines awaiting further cues on Ethereum's next move.

Ethereum Price Tests $1.5 Support, More Dip Ahead?

The activity comes amid heavy selling pressure that has pushed ETH to $1,546 at the time of writing, with a 24-hour low of $1,506 underscoring the bearish mood. Market analyst Rekt Capital has warned that Ethereum price is at risk of a further correction, potentially hitting $1,000 in the near future. In a recent post on X, he highlighted a critical technical breakdown that has shifted the long-term outlook for ETH, noting that the $1,607 level — previously acting as support — is now under close scrutiny. A confirm