Ethereum Whales Bought $1 Billion ETH In The Past 96 Hours – Details
Ethereum has faced significant volatility over the past few days, with significant selling pressure emerging after the cryptocurrency failed to break above the yearly high set in early December. This price action has traders and investors questioning where ETH will go next as it consolidates below key resistance levels.
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Despite the turmoil, on-chain data suggests the outlook may be bullish. Analyst Ali Martinez has shared insightful indicators showing that Ethereum whales have been accumulating heavily during this period of uncertainty. Data shows that whales purchased 340,000 ETH in the past 96 hours, worth more than $1 billion. This significant accumulation suggests that while short-term market sentiment remains mixed, major players see long-term value in Ethereum.
Ongoing whale activity Possibly signaling an imminent recovery for ETH, a large number of holders are ready for future gains. Historically, this accumulation phase tends to precede a strong rebound, as increasing demand and decreasing supply aid upward momentum.
Ethereum whale demand continues to rise
Ethereum demand has shown marked instability throughout the year, with continued selling pressure pushing prices lower from local highs. Each rebound attempt has faced resistance, highlighting the challenges ETH has encountered in maintaining its upward momentum. Nonetheless, Ethereum continues to show resilience, especially during the correction phase, as large holders actively accumulate ETH.
Martinez recently Share compelling data on Xindicating a significant whale accumulation trend. In the past 96 hours alone, whales purchased 340,000 Ethereum worth over $1 billion. This massive buying activity highlights the confidence major players have in Ethereum’s long-term potential. This accumulation often signals the possibility of a market turn, with whales strategically positioning themselves ahead of a potential breakout.
Martinez and other analysts believe whale-driven demand signals significant price gains in the coming weeks. Furthermore, the broader crypto community expects Ethereum to play a key role in next year’s altcoin season, solidifying its position as the altcoin market leader.
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As Ethereum enters this critical phase, market participants will be paying close attention to its ability to capitalize on the current accumulation. If whale activity continues, it could pave the way for Ethereum to recapture local highs and potentially set new milestones, solidifying its dominance in the cryptocurrency space.
ETH holds key support
Ethereum is currently trading at $3,320, showing resilience after holding above the key 200-day moving average (MA) at $3,000. This level is widely considered a key indicator of long-term market strength. Staying above this level suggests that Ethereum remains in a bullish structure despite recent volatility and selling pressure.
For Ethereum to regain momentum, bulls need to push the price above the $3,550 resistance and sustain the levels. A breakout of this area would mark a new uptrend and increase the likelihood of Ethereum testing higher levels. However, this may not happen immediately as the market may enter a period of sideways consolidation.
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This kind of consolidation is common after heightened volatility and allows the market to establish a more stable foundation for the next big move. A strong consolidation phase above $3,000 would further confirm the 200-day moving average as solid support, boosting investor confidence.
Featured image from Dall-E, chart from TradingView
