3 altcoins that crypto whales are buying in the third week of May 2024

on-chain data from Lookonchain shows three types of whales pouring Capital into Ethereum (ETH), Zcash (ZEC), and Hyperliquid (HYPE) this week. The daily charts for each coin show signals that could make these investments profitable.

Each whale has a different strategy. Some whales buy ETH directly, others open Longing ZEC orders at 10x, while one wallet linked to a16z continues to accumulate more HYPE.

Ethereum: Whales buy at the channel support zone.

Ethereum has been moving within an upward parallel price channel since February 6, 2024. Currently, the price of ETH is testing the lower band of the channel. This price coincides with the 0.236 Fibonacci retracement level at $2,144.

The Bollinger Band Width Percentile (BBWP) indicator shows that price volatility is increasing at this time. The Relative Strength Index (RSI) is currently around 35.

If the buyers successfully defend this area, the next upside target will be the 0.382 Fibonacci level at $2,385. If the price falls out of the ascending channel, ETH could reach support at $1,920. The situation is pretty much 50-50, but data from Lookonchain suggests that at least one whale has chosen to buy in this price range.

A whale wallet holding 131,000 ETH just bought an additional 5,001 ETH at $2,119 USD only four hours ago. This transaction is worth approximately $10.6 million USD according to Lookonchain. This same address also profited $1.09 million USD by buying low and selling high last month. The timing of this decision shows the buyer's confidence.

The flowchart on Arkham indicates that this order was Chia down and executed across multiple transactions on the CoW Protocol. This type of buy is a deliberate accumulation, not an emotional purchase driven by a price drop.

Shark Zcash bets $19.6 million on the 0.618 Fibonacci level.

Zcash has corrected to the 0.618 Fibonacci level at $533. This is also the swing peak from the end of December 2025. To date, this level has held firm as a strong support zone.

The daily RSI is hovering around 60, and the Bollinger Bands Moving Average (BBWP) is narrowing – this is usually a signal for accumulation rather than a price crash.

If the $533 level holds, the chart is heading towards the 0.786 Fibonacci level at $630, and if it continues to rise, the next target is $750. If it fails, the next major support zone will be around the 0.382 Fibonacci level at $400.

This structure is now being challenged by a major on-chain bet. Wallet 0x8652 opened a 10x Longing position with 36,875 ZEC, worth $19.68 million, in just three hours, becoming the biggest bullish whale on ZEC that Lookonchain has ever tracked.

The liquidation price is $494.55 – just $39 below the support zone that needs to hold. Thus, this whale is determined to believe that the defense will hold.

The a16z linked wallet pushed HYPE's price close to the $50 resistance level.

HYPE is attempting to break above the 0.618 Fibonacci level at $44.50. This upward momentum stems from a rebound along the year-long uptrend line. The first hurdle is $50; a break above this could lead to the all-time high of $59.30.

Daily volume is gradually decreasing in this area, a common sign of quiet accumulation. The BBWP has just shown a new volatility spike. If volume confirms this, the HYPE price could break out strongly. The RSI is also currently leaning towards an uptrend, around 60.

Wallet 0xb5E4, identified by Lookonchain as being linked to a16z, just purchased an additional 372,000 HYPE tokens in the last three hours. This transaction is valued at $16.91 million USD. The total purchases from this address since April 14, 2024, have now reached 2.11 million HYPE tokens, worth approximately $90.87 million USD.

According to data from Arkham, this wallet withdrew HYPE tokens from Bybit and OKX hot wallets. These Token were then transferred to a private storage address. This type of transaction suggests they are accumulating for the long term rather than engaging in short-term speculative trading.

Three strategies, three different types of sharks.

Each of these positions has its own unique characteristics. The Ethereum trade is a profitable spot position, targeting a key area on the daily chart. The Zcash trade is a highly Derivative order, with the liquidation price very close to the protected support zone. Meanwhile, the inflow of funds into Hyperliquid resembles institutional investment, executed continuously over weeks rather than just a few hours.

One detail links these two transactions together. The wallet that opened a $19.68 million ZEC Longing order is also executing a 10x Longing order with 89,200 HYPE. According to data from Hypurrscan, the entry point was $45.67.

This overlap suggests that the whale 0x8652 is both the largest on-chain ZEC Longing holder and a major HYPE bull. Two of the three standout strategies this week belong to the same trader.

No large on-chain trades like these guarantee the market will move in that direction, and leveraged positions could be closed very quickly if the price exceeds the stop-loss level. However, these entry points show that these are the areas where big whales are choosing to place their strongest bets. For retail investors looking for growth opportunities this week, these are the areas to watch.