Ethereum (ETH) has been on a wild ride in recent weeks, with the second-largest cryptocurrency experiencing significant price fluctuations following Bitcoin’s highly anticipated halving event.
Despite a 4.73% drop in the last 24 hours, which saw ETH trading at $3,125, whales remain undeterred in their accumulation of the digital asset, signaling a strong belief in its long-term prospects.
TLDR
Despite recent market volatility and a 4.73% drop in Ethereum’s price, whales continue to accumulate ETH, demonstrating their bullish sentiment.
Large whale purchases, such as the acquisition of 7,128 ETH worth $22 million and 1,524 stETH worth $4.185 million, suggest confidence in Ethereum’s long-term potential.
The share of total ETH supply held by top addresses has increased from 41.37% to 41.45% since the Bitcoin halving, indicating ongoing accumulation by whales.
In derivatives markets, 63% of whale positions on Binance are long on ETH, further reinforcing the bullish outlook among large investors.
Although Ethereum faces resistance at $3,200, technical indicators suggest that a break above this level could lead to a surge in price, potentially reaching $3,500 or even $3,550.
On-chain data from Spot On Chain reveals that whales have been capitalizing on the recent dip, making substantial purchases of ETH.
One notable transaction saw a whale acquire 7,128 ETH, worth a staggering $22 million, at an average price of $3,111. This particular investor now holds an estimated $482 million worth of ETH, demonstrating an unwavering commitment to the cryptocurrency despite short-term market volatility.
Whales appear to remain bullish with $ETH despite the recent market crash!
Will the $ETH price recover soon? ????
Follow @spotonchain and set alerts for $ETH to know the next significant whale activity now: https://t.co/js2Cq7crji pic.twitter.com/fLbWyLDJ3I
— Spot On Chain (@spotonchain) April 25, 2024
Another whale, with the wallet address 0xe0b, scooped up 1,524 stETH at an average price of $3,159, pushing their total stETH holdings beyond the $10 million mark. This strategic move has already yielded an estimated 3.42% profit, showcasing the potential rewards of accumulating ETH during market downturns.
The bullish sentiment among whales is further evidenced by the increasing share of total ETH supply held by top addresses.
According to data from Santiment, the percentage of supply held by these addresses has risen from 41.37% on the day of the Bitcoin halving to 41.45% as of April 24th. This growth in holdings suggests that whales are actively accumulating ETH, even as prices fluctuate.
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 price appreciation.
While long exposure has slightly decreased following the halving, the overall sentiment remains bullish, indicating a strong belief in Ethereum’s potential to rebound and reach new heights.
As Ethereum navigates the current market landscape, it faces a crucial test at the $3,200 resistance level. Technical analysis suggests that a decisive break above this threshold could pave the way for a significant price surge, with potential targets at $3,500 and even $3,550.
However, failure to overcome the $3,200 barrier may lead to further downside pressure, with support levels identified at $3,125, $3,075, and $3,030.
As the market sentiment leans towards greed, an increase in buying pressure could fuel Ethereum’s rebound in the days ahead, potentially setting the stage for a new phase of growth and adoption.
