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Ethereum (ETH) Price: Whale Accumulation Meets Technical Support
As the cryptocurrency market experiences increased volatility, a notable shift in Ethereum’s whale activity has emerged. Data reveals that large holders have accumulated approximately 25,000 ETH during the recent market correction, with the majority of these transactions moving from exchanges to private wallets.
The movement of 25,000 ETH off exchanges represents a staggering value of around $82.3 million at current prices. This increase in whale accumulation activity is a significant development, as it suggests that large investors are taking advantage of the current market downturn to accumulate Ethereum positions.
It’s essential to note that this recent price action has seen Ethereum drop by 16% since the beginning of the week. Despite this decline, key support levels have been established at $3,278, $3,029, and $3,000, which could help maintain a bullish trajectory.
Technical analysis reveals a potentially favorable scenario for Ethereum holders, as an inverse head-and-shoulders pattern has formed. This formation indicates a potential price increase to the previously mentioned targets of $4,500, $5,000, and ultimately, $5,825.
The stability in trading activity across major exchanges despite recent price fluctuations is another encouraging sign for traders. This suggests that market participants remain engaged and committed to Ethereum’s future prospects.
Despite the optimistic outlook, it’s crucial for investors to acknowledge potential risks. A breakdown of the $3,029 support level could invalidate the bullish setup and potentially lead to further decline, with the possibility of a retest at the $2,800 area.
In conclusion, the recent accumulation by whales and the formation of an inverse head-and-shoulders pattern create a compelling scenario for Ethereum investors.
Source: blockonomi.com
