Ethereum Whales Amass $230 Million in ETH Within a Week

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Ethereum Whales Amass $230 Million in ETH Within a Week

In the last week, substantial Ethereum whales, holding between 1 million and 10 million ETH, have accumulated an impressive 100,000 ETH, valued at an astonishing $230 million.

This active purchasing behavior by influential investors underscores their enduring confidence in the long-term potential of Ethereum, despite recent price corrections.

Despite the recent downtrend in prices, recent Ethereum whale activities suggest a persistent belief in a bullish market continuation.

Affluent Traders Gather Millions in Ethereum

Following a promising start in the initial days of December 2023, various cryptocurrency assets, notably Ethereum, exhibited robust performance.

Cryptocurrency whales have reportedly acquired hundreds of millions of dollars’ worth of Ether, the leading altcoin, over the past seven days, according to a respected expert.

On the social networking site X, cryptocurrency strategist Ali Martinez informs his 36,100 followers in a new thread that wealthy traders have accumulated tens of thousands of Ethereum in the previous seven days.

Price rallies typically result from heavy purchasing demand from wealthy investors, and the recent whale accumulation indicates this trend.

On December 7, Santiment Feed linked a whale accumulation pattern to ETH’s surge, which reached a 19-month high over the $2,350 price point.

As a rule, whale activity influences cryptocurrency asset prices. Recent activity among ETH whales suggests that a price rally may be imminent.

Ethereum is currently trading at $2,235 on the daily chart: TradingView.com

Despite the current buying pressure in the market, caution is advised because the bottom may not have been reached yet.

RSI And Stochastic Neutral, Ethereum Uncertainty

According to data from CryptoQyant, the Relative Strength Index (RSI) and stochastic are currently in neutral territory. Despite the buying activity, there is still uncertainty about the market’s genuine bottom.

A look at the liquidation heatmap was conducted to estimate Ethereum’s possible support levels. Based on the analysis, there was a rise in liquidations in the $2,140–$2,170 range.

This suggests that before Ethereum’s price initiates its next bullish rebound, it is likely to drop below these levels. However, in the event of a rally, Ethereum would need to overcome a significant resistance level near $2,380.

Source: Sentiment

Ethereum’s near-term price changes are challenging to forecast due to the complex interaction of market indicators and liquidation data.

Meanwhile, the $2,148 price mark seems to be the asset’s short-term support, according to an analysis of the ETH daily price chart. Bulls will hope that this level holds to increase the likelihood of another rise before the end of 2023.

If there is a break below, it may indicate the formation of a more intricate bullish continuation chart pattern, similar to a bull flag. On smaller time frames, this pattern may resemble a descending channel and undermine expectations for another significant rise in 2023.

Ether and other cryptocurrency values are sensitive to several external variables, including generalized macroeconomic sentiment. Ethereum has already risen 81% year-to-date at its current price.

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In the span of the last seven days, significant Ethereum whales, boasting holdings ranging from 1 million to 10 million ETH, have accumulated an impressive 100,000 ETH, translating to a substantial $230 million. This noteworthy surge in Ethereum acquisition by influential investors reflects a resolute belief in the cryptocurrency’s enduring potential, even in the face of recent market fluctuations.

Despite the prevailing downward trend in prices, the ongoing accumulation of Ethereum by these substantial investors signals a prevailing confidence in the cryptocurrency’s future, pointing towards a bullish market continuation. The actions of these affluent traders, who have collectively gathered tens of thousands of Ethereum in the past week, suggest that they anticipate favorable price rallies ahead.

Cryptocurrency strategist Ali Martinez, with a substantial following on social media, has highlighted the extensive accumulation by these whales, emphasizing the potential impact on Ethereum’s market dynamics. As Ethereum currently trades at $2,235, market observers advise caution, acknowledging the existing buying pressure while urging vigilance as the market may not have reached its bottom yet. The Relative Strength Index (RSI) and stochastic indicators remain in neutral territory, adding an element of uncertainty to Ethereum’s short-term price trajectory. Despite the complexities of predicting price movements, the recent whale activities underscore a dynamic market environment with potential future developments.