1inch Investment Fund Purchases $10 Million Worth of ETH
The 1inch Investment Fund has made a significant move in the crypto community by acquiring 6,088 Ethereum (ETH) for $10 million. This purchase was made at a price of $1,655 per ETH, showcasing the fund’s confidence in the token’s future despite the ongoing crypto winter. In addition, the fund had previously purchased 17,000 ETH in separate transactions between January and March. The recent sale of 11,000 ETH worth $21 million on July 5 also resulted in a profit of approximately $3.7 million. This acquisition highlights the fund’s belief in the long-term potential of ETH.
Integration of 1inch DEX Aggregator on Coinbase’s Base
In related news, the 1inch decentralized exchange (DEX) aggregator has been implemented on Coinbase’s Ethereum layer-2 platform, Base. This integration introduces a new feature that allows Base users to place limit orders, giving them more control over their trades. This partnership further strengthens the presence of 1inch in the crypto market and provides Coinbase users with enhanced trading options.
Ethereum Price Analysis
Currently, the price of ETH stands at $1,650, experiencing a decrease of over -1.2% in the past week. Despite this dip, there are signs of bullish momentum on the horizon. Ethereum’s Relative Strength Index (RSI) on a weekly timeframe is at 26, indicating the potential for a price rally. The token is aiming to reclaim the key $1,700 level, which could trigger further upward movement. These developments suggest that Ethereum’s price may be poised for a rebound.
Hot Take: 1inch Investment Fund Expands ETH Holdings and Bullish Momentum
The recent purchase of 6,088 ETH by the 1inch Investment Fund displays their confidence in Ethereum’s future price. With previous acquisitions and a profitable sale, the fund is positioning itself for long-term success. Furthermore, the integration of 1inch on Coinbase’s Base introduces new trading options for users and strengthens the presence of the decentralized exchange aggregator. As Ethereum’s price shows signs of bullish momentum, it seems that both the 1inch Investment Fund and the broader crypto market are optimistic about the token’s potential.
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