Ethereum Whales Staying Bullish Despite Recent Price Fluctuations
Ethereum (ETH) has been on a rollercoaster ride lately, with significant price swings following Bitcoin’s halving event. Despite a 4.73% drop in the last 24 hours, ETH is trading at $3,125, but the whales continue to show confidence in the digital asset’s long-term potential.
Key Points
- Whales continue to accumulate ETH despite recent market volatility
- Large whale purchases of ETH and stETH worth millions signal confidence in Ethereum’s future
- Top addresses holding ETH increasing their share of total supply post-Bitcoin halving
- 63% of whale positions on Binance are long on ETH in derivatives markets
- Technical indicators point to a potential price surge if Ethereum breaks above $3,200
Whales have been taking advantage of the recent price dip, making significant purchases of ETH. For example, one whale acquired 7,128 ETH, valued at $22 million, at an average price of $3,111. This investor now holds an estimated $482 million worth of ETH, showing a strong commitment to the cryptocurrency despite market fluctuations.
Another whale purchased 1,524 stETH at an average price of $3,159, pushing their total stETH holdings above $10 million. This move has already resulted in a 3.42% profit, highlighting the benefits of buying ETH during market downturns.
Whales Showing Confidence in Ethereum
Whales’ bullish sentiment towards Ethereum is evident in the increasing share of total ETH supply held by top addresses. Data from Santiment indicates that this percentage has risen from 41.37% to 41.45% since the Bitcoin halving, showing ongoing accumulation by whales.
In derivatives markets, the majority of whale positions on Binance are long on ETH, with 63% of these large investors betting on the cryptocurrency’s future price appreciation. Despite a slight decrease in long exposure post-halving, the overall sentiment remains bullish.
Technical Analysis and Market Landscape
Ethereum is currently testing a crucial resistance level at $3,200. Technical analysis suggests that a breakout above this level could lead to a significant price surge, with potential targets at $3,500 and $3,550. However, failure to surpass $3,200 could result in further downside pressure, with support levels at $3,125, $3,075, and $3,030.
With market sentiment leaning towards greed, an increase in buying pressure could fuel Ethereum’s rebound in the coming days, potentially setting the stage for a new phase of growth and adoption.
Hot Take: Ethereum’s Bullish Momentum Continues
Despite recent market fluctuations, Ethereum whales remain optimistic about the cryptocurrency’s long-term prospects. Their continued accumulation of ETH, along with significant purchases and a bullish outlook in derivatives markets, signal confidence in Ethereum’s ability to overcome challenges and reach new highs.
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