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Time to Buy ETH? Ethereum Whales $28.5M Worth of Ether
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is poised to continue its upside momentum following a notable price decline in recent days. This bullish speculation is driven by investors and long-term holders who have recently been buying the dip in ETH.
The current market sentiment indicates that Ethereum whales are taking advantage of the price drop to accumulate massive amounts of Ether. According to Lookonchain, four fresh crypto wallets belonging to these whales have purchased a staggering 8,440 ETH worth $28.43 million from Binance. This enormous purchase occurred during a period when ETH’s price had begun to recover after an earlier decline.
It is essential to note that the Ethereum blockchain has been experiencing a rise in interest recently. The increasing demand for decentralized applications and non-fungible tokens (NFTs) on the platform, among other factors, could be driving the whales’ accumulation strategy.
The current situation can be attributed to Ethereum’s recent price decline of over 22.5%. This significant pullback has given long-term holders an opportunity to purchase ETH at a discounted rate. However, it seems that these savvy investors are not wasting this chance and have started accumulating large amounts of Ether in the hopes of profiting from its potential upward momentum.
At the moment, Ethereum is trading near $3,475, having experienced a 9% gain over the past few days. This recent price action could be indicating a strong possibility that ETH will continue to rise as it has regained its critical support level of $3,400 and closed a bullish pin bar candle at this level.
Based on the current chart formation, there is a high probability that Ethereum’s price may breach the $3,500 mark. If this occurs, we could potentially see an increase of 17% to reach the $4,000 mark in the near future.
Source: coinpedia.org
