Ethereum Whales Make a Splash: Massive Accumulation Forecasts a Bullish Future
Despite recent price fluctuations, Ethereum whales persist in accumulating ETH, demonstrating strong confidence in the cryptocurrency’s long-term potential as the market eyes a potential breakthrough above the critical $3,200 resistance level.
Ethereum (ETH) has encountered a rollercoaster of price swings in recent weeks, spurred by Bitcoin’s highly anticipated halving event.
Despite a 4.73% decline over the last 24 hours, bringing ETH to $3,125, whales remain steadfast in their accumulation of the digital asset, indicating robust faith in its future.
On-chain data from Spot On Chain reveals significant whale activity, with whales capitalizing on the recent dip to acquire substantial amounts of ETH.
One notable transaction involved a whale purchasing 7,128 ETH, valued at a staggering $22 million, at an average price of $3,111. This investor now holds approximately $482 million worth of ETH, showcasing unwavering commitment despite short-term volatility.
Another whale, identified by the wallet address 0xe0b, acquired 1,524 stETH at an average price of $3,159, boosting their total stETH holdings beyond $10 million. This strategic move has already yielded an estimated 3.42% profit, highlighting the potential gains from accumulating ETH during market downturns.
The bullish sentiment among whales is further supported by the increasing share of total ETH supply held by top addresses.
Data from Santiment indicates a rise in the percentage of supply held by these addresses from 41.37% on the day of the Bitcoin halving to 41.45% as of April 24th. This trend suggests ongoing accumulation by whales amid price fluctuations.
In the derivatives markets, the majority of whale positions on Binance are long on ETH, with approximately 63% of these large investors betting on the cryptocurrency’s future appreciation.
Though long exposure has slightly decreased post-halving, overall sentiment remains bullish, underscoring confidence in Ethereum’s potential for growth.
Ethereum faces a pivotal test at the $3,200 resistance level, with technical analysis indicating that a decisive break above could trigger a significant price surge, targeting $3,500 and potentially $3,550.
However, failure to breach the $3,200 barrier may invite further downside pressure, with support levels identified at $3,125, $3,075, and $3,030.
With market sentiment leaning towards greed, increased buying pressure could fuel Ethereum’s rebound, potentially ushering in a new phase of growth and adoption.
