Ethereum Whales Seize Opportunity Amidst Price Dip
As an avid reader of the crypto market, you may be interested to know that Ethereum, the world’s second-largest cryptocurrency, has been struggling to surpass the $1,650 level. However, on-chain data reveals that whales, the large investors in the crypto space, are taking advantage of this dip. In fact, within just 24 hours, these Ethereum whales have added a staggering 260,000 ETH, equivalent to $425 million.
Recent Whale Movement and its Impact
Prior to this influx of ETH, there were notable whale movements in the Ethereum ecosystem. Two whale addresses transferred a total of 300,000 ETH on Coinbase just a day ago. These transactions, involving 150,000 ETH each, are among the largest on-chain activities witnessed since June 13. While the intentions behind these transfers remain undisclosed, it is important to note that they may not have an immediate effect on the price of Ethereum.
Will Ethereum’s Price Reflect these Whale Activities?
Ethereum has been facing selling pressure and is currently finding support at the $1,600 level. Despite several rejections at $1,730, there is a possibility of a bullish trend. At present, ETH is trading at $1,629 with a market capitalization of $195 billion. The technical chart analysis suggests that Ethereum is gaining strength and has the potential to reach $2,000. Traders are gaining confidence in long positions, as indicated by the bullish signal from the Moving Average Convergence Divergence (MACD) indicator.
To sustain this upward momentum, Ethereum needs to maintain support at $1,630. However, traders should be cautious of potential resistance levels at the 50-day Exponential Moving Average (EMA) of $1,645, the 100-day EMA of $1,668, and the 200-day EMA of $1,715.
Hot Take: Ethereum’s Whales Drive the Market
The recent surge in ETH purchases by whales shows their confidence in the cryptocurrency and their ability to impact its market. While the price of Ethereum remains uncertain, the actions of these influential investors will likely continue to shape its future. As a crypto enthusiast, keeping an eye on whale activities can provide valuable insights into the market’s direction.
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