- Ethereum whales have accumulated over 700,000 ETH in the past three weeks, amounting to approximately $2.45 billion.
- Ethereum’s price rebounded after dipping below $3,400, possibly influenced by increased whale activity.
- On-chain metrics show a decline in Network Growth and transaction velocity for Ethereum, indicating mixed sentiment.
In recent weeks, Ethereum (ETH) has seen a notable surge in accumulation by large investors, commonly referred to as whales. Data indicates that these entities have acquired more than 700,000 ETH, equating to around $2.45 billion.
#Ethereum whales have bought over 700,000 $ETH in the past three weeks, totaling approximately $2.45 billion! pic.twitter.com/sfmXnkqD49
— Ali (@ali_charts) June 15, 2024
This significant buying activity reflects a strong belief in Ethereum’s long-term potential despite recent price fluctuations. The increase in ETH holdings among whales suggests a strategic move to capitalize on the recent dip in Ethereum’s market value.
This accumulation could potentially stabilize the cryptocurrency’s price amid ongoing market volatility. Despite a temporary drop below $3,400, Ethereum has demonstrated resilience, rebounding due to heightened whale activity.
However, Ethereum’s price trend has shown a bearish pattern since late May, marked by a series of lower highs and lower lows. The Chaikin Money Flow indicator has indicated a decline in money inflows, painting a cautious outlook. Conversely, the Relative Strength Index has shown increased bullish momentum, hinting at potential price recovery attempts.
On-chain metrics, such as Network Growth and transaction velocity, present mixed signals. While Network Growth has declined, indicating reduced interest from new investors, the overall trading velocity has also slowed down, signaling decreased market activity.
Looking forward, Ethereum’s price trajectory remains uncertain. The cryptocurrency faces resistance around the $3,607.30 level, which it may challenge if bullish momentum persists. However, a decisive breakthrough to new highs would require substantial bullish support.