Key Points
- Whales accumulate 700,000 ETH worth $2.45 billion.
- Ethereum’s price rebounds after falling below $3,400.
- On-chain metrics show mixed signals for future price movements.
- Key resistance level at $3,607.30.
Whales Amass $2.45 Billion in Ethereum
Ethereum (ETH) has caught the attention of major investors, known as whales, who have amassed over 700,000 ETH in the past three weeks. This accumulation, valued at approximately $2.45 billion, highlights their confidence in Ethereum’s long-term potential despite recent market turbulence.
CRYPTO BREAKING NEWS
Ethereum Whales Buy $2.45B in ETH: What’s Next for the Price?. #Ethereum whales’ $2.45B buying spree sparks optimism. 🐋 Stay tuned for insights on what this means for #ETH! Read More The post Ethereum Whales Buy $2.45B in ETH: What’s Next for the Price?… pic.twitter.com/Du2eJm2a2m— InnovatekMobile (@Neome_com) June 16, 2024
Increased Whale Activity Boosts Ethereum’s Price
The surge in whale activity has had a noticeable impact on Ethereum’s price, which rebounded after dipping below the $3,400 mark. This rebound suggests that the strategic accumulation by whales might help stabilize ETH amid the ongoing market volatility.
Mixed On-Chain Metrics for Ethereum
However, the on-chain metrics present a complex picture. Despite the bullish whale activity, Network Growth and transaction velocity for Ethereum have shown a decline. This indicates a drop in new investor interest and reduced market activity.
Bearish Trends and Bullish Hopes
Ethereum’s price pattern has been bearish since late May, characterized by lower highs and lower lows. The Chaikin Money Flow (CMF) indicator has pointed to declining money inflows, suggesting caution. On the flip side, the Relative Strength Index (RSI) has shown increased bullish momentum, hinting at potential recovery attempts.
Resistance Level and Future Price Predictions
Looking ahead, Ethereum faces significant resistance around the $3,607.30 level. If the bullish momentum continues, Ethereum could challenge this resistance. However, breaking through to new highs will require substantial bullish support.
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