💥💥💥 Ethereum Whales 🐳🐳🐳 Buy $2.45B in $ETH : What’s Next for the Price?
Ethereum Whales Accumulate $2.45 Billion in ETH Amid Price Rebound
In recent weeks, Ethereum (ETH) has seen significant accumulation by large investors, commonly known as whales. These entities have acquired over 700,000 ETH, amounting to approximately $2.45 billion, indicating a strong belief in Ethereum's long-term potential despite recent price fluctuations.
This substantial buying activity suggests a strategic move to capitalize on the recent dip in Ethereum’s market value. The increased holdings among whales could potentially stabilize Ethereum's price amid ongoing market volatility. Despite a temporary drop below $3,400, Ethereum has shown resilience, rebounding due to heightened whale activity.
However, Ethereum's price trend has exhibited a bearish pattern since late May, marked by a series of lower highs and lower lows. The Chaikin Money Flow indicator reflects a decline in money inflows, suggesting a cautious outlook. Conversely, the Relative Strength Index (RSI) has indicated increased bullish momentum, hinting at potential price recovery attempts.
On-chain metrics present mixed signals. Network Growth has declined, indicating reduced interest from new investors, while transaction velocity has also slowed, signaling decreased market activity.
Looking ahead, Ethereum’s price trajectory remains uncertain. The #cryptocurrency faces resistance around the $3,607.30 level, which it may challenge if bullish momentum persists. However, a decisive breakthrough to new highs would require substantial bullish support.
Source - cryptonewsland.com
