Ethereum whales, referring to large investors holding significant amounts of Ethereum, are accumulating the cryptocurrency following the recent market crash. On-chain data indicates that four Ethereum whales have collectively purchased over 56,000 ETH, worth approximately $94 million, in the past week.
These purchases were made after the market crash, suggesting that these whales are attempting to buy at the bottom of the market. The accumulation of ETH by these large investors could indicate their positive sentiment and expectations for a recovery in the Ethereum market.
Although Ethereum’s price fell below critical levels, such as the 100-day and 200-day moving averages, there are signs of recovering investor sentiment, as reflected by the Crypto Fear & Greed Index. If investor confidence continues to improve, it could lead to a recovery in the price of Ethereum, potentially aided by the price recovery of Bitcoin.
The current resistance level for Ethereum is $1,700, and if bulls manage to surpass and establish support at this level, a sustained recovery is anticipated. However, if the resistance is not overcome, the price of Ethereum may decline back to around $1,500. At the time of writing, ETH is trading at $1,664, indicating that the whale investors are already in a profitable position.
Source: NEWSBTC
