Must see! Crypto whale splurges $28.5 million to buy ETH, market trends may face major changes!

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Recently, the blockchain-based trading tracker Lookonchain announced on X (formerly Twitter) that four new crypto wallets belong to whales who purchased $28.43 million worth of 8,440 ETH from Binance. This massive ETH purchase occurred during a period when altcoin prices began to recover after a significant decline.

During the recent downturn, the price of ETH dropped more than 22.5%. However, as interest continued to rise, the altcoin rebounded, regaining key levels after retesting its important support level of $3,100 at the 200-day Exponential Moving Average (EMA).

Current price momentum

As of the time of writing, ETH is trading close to $3,475, with a price increase of over 1.75% in the past 24 hours. During the same period, its trading volume grew by 10%, indicating increased participation from traders and investors during the market downturn. Meanwhile, long-term holders and whales seem to have seized this opportunity to significantly increase their holdings.

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