Time to Buy ETH? Ethereum Whales $28.5M Worth of Ether
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is poised to continue its upward momentum after falling significantly in price in recent days. This bullish speculation is driven by investors and long-term holders who have recently bought into ETH’s decline.
Crypto whales accumulate $28.5 million in ETH holdings
Recently, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that four new crypto wallets owned by Whales had purchased 8,440 ETH worth $28.43 million from Binance. This massive ETH purchase comes at a time when altcoin prices are starting to recover after a sharp decline.
During the recent downturn, the price of ETH fell by more than 22.5%. However, as interest increased, the altcoin has rebounded, regaining key levels after retesting the 200 exponential moving average (EMA) important support at $3,100.
Current Price Momentum
At press time, ETH was trading near $3,475, with the price surging more than 1.75% in the past 24 hours. During the same period, its trading volume increased by 10%, indicating increased participation from traders and investors during the market decline. Meanwhile, long-term holders and whale It seems that they seized this opportunity and increased their holdings in large quantities.
Ethereum (ETH) Technical Analysis and Upcoming Levels
According to expert technical analysis, ETH has regained key support at $3,400 and recently closed a bullish pin bar candle at this support, which was characterized by a long wick. A bullish candle forming at support indicates potential upward momentum in the coming days.
Based on the recent price action, if the altcoin breaks through the $3,500 level, there is a good chance that ETH could surge by 17% and regain the $4,000 mark in the near future. Currently, market sentiment appears to be in favor of the bulls, which could further support upward momentum.
