Ethereum Whales Dive In: The Future of Massive Accumulation Tokens
Ethereum (ETH) has been on a wild ride in recent weeks, with the second largest cryptocurrency experiencing significant price volatility following Bitcoin's highly anticipated halving event.
Despite a 4.73% decline in the last 24 hours, which saw ETH trading at $3,125, whales have not given up on their accumulation of the digital asset, indicating strong confidence in its long-term prospects.
TLDR
Despite the recent market volatility and the 4.73% drop in the price of Ethereum, whales continue to accumulate ETH, showing their bullishness. Big whale purchases such as the purchase of 7,128 ETH worth $22 million and 1,524 stETH worth $4.185 million indicate confidence in Ethereum's long-term potential. The share of the total ETH supply held by the top addresses increased from 41.37% to 41.45%, reflecting the accumulation by whales. In volatile markets, a 63% whale position on Binance is long on ETH, further reinforcing the crash view among large investors. Although Ethereum faces resistance at $3,200, technical indicators suggest that a break above this level could lead to an increase in price, possibly reaching $3,500 or $3,550.
On-chain data shows whales have been buying large amounts of ETH on the recent dip.
One popular transaction saw a whale fetch $22 million worth of 7,128 ETH at an average price of $3,111. This particular investor is now worth an estimated $482 million worth of ETH, demonstrating her commitment to the cryptocurrency despite short-term market volatility.
Despite the recent market crash, whales seem bullish on $ETH!
Will the price of $ETH recover soon? ????
Follow @spotonchain and set alerts for $ETH to find out the next important whale move now: pic.twitter.com/fLbWyLDJ3I
— Spot On Chain (@spotonchain) April 25, 2024
Another whale, wallet address 0xe0b, collected 1,524 stETH at an average of $3,159, pushing their total stETH holdings over $10 million. This strategic move resulted in a previously estimated gain of 3.42%, which shows the rewards that ETH can accumulate during market downturns.
The bullishness among the whales is further confirmed by the increasing share of the total ETH supply held by the top addresses.
According to data from Santiment, the percentage of supply held by these addresses has halved from 41.37 percent of Bitcoin to 41.45 percent on April 24. This growth in holdings shows that whales are actively collecting ETH despite price fluctuations.
In the derivatives markets, the majority of well positions on Binance are long on ETH, with approximately 63% of these large investors betting on the cryptocurrency's future price appreciation.
While long-term exposure eased slightly on the halving, overall sentiment remains bearish, reflecting strong belief in Ethereum's potential to rebuild and reach new highs.
Ethereum will face a critical challenge at the $3,200 resistance level as it navigates the current market landscape. Technical analysis shows that a critical break above this level could pave the way for a higher price increase, with targets at $3,500 and even $3,550.
However, failure to overcome the $3,200 barrier could lead to further downward pressure, with support levels identified at $3,125, $3,075 and $3,030.
As the market sentiment tilts toward greed, increased buying pressure could fuel a resurgence in Ethereum in the coming days, setting it up for a new phase of growth and adoption.
