Ethereum Whales Scoop Up $230 Million In ETH In One Week – Price Hike Next?
December 19 2023 - 7:30AM
NEWSBTC
In the past week, some of the biggest Ethereum whales, those with
holdings ranging from 1 million to 10 million ETH, have accumulated
an impressive 100,000 ETH, valued at a staggering $230 million.
This active buying stance by influential investors highlights their
unwavering belief in the long-term potential of Ethereum, even in
the face of recent price corrections. Despite the recent downtrend
in prices, indications from recent Ethereum whale activities
suggest a persistent confidence in a bullish market continuation.
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Over 800%? Wealthy Traders Accumulate Millions In Ethereum
Subsequent to the promising start in the initial days of December
2023, various cryptocurrency assets, notably Ethereum, displayed
robust performance. Crypto whales have reportedly devoured hundreds
of millions of dollars’ worth of Ether, the leading altcoin, during
the past seven days, according to a well respected expert. Some of
the largest #Ethereum whales have been on a buying spree, scooping
up over 100,000 $ETH in just the past week – that’s a whopping $230
million! pic.twitter.com/jWHY6MXDgs — Ali (@ali_charts) December
16, 2023 On the social networking site X, cryptocurrency strategist
Ali Martinez informs his 36,100 followers in a new thread that
wealthy traders have amassed tens of thousands of Ethereum during
the previous seven days. Price rallies are usually the result of
heavy purchasing demand from wealthy investors, and the recent
whale accumulation indicates that this is the case. On December 7,
Santiment Feed connected a whale accumulation pattern to ETH’s
surge, which culminated in a 19-month high over the $2,350 price
point. As a rule, whale activity affects cryptocurrency asset
prices. Recent activity among ETH whales indicates that a price
rally may be approaching. Ethereum currently trading at $2,235 on
the daily chart: TradingView.com Although there is a lot of buying
pressure in the market right now, caution is advised because the
bottom could not have yet been achieved. RSI And Stochastic
Neutral, Ethereum Uncertainty Relative Strength Index (RSI) and
stochastic are both currently in neutral territory, according to
data from CryptoQyant. There is still uncertainty regarding the
market’s genuine bottom notwithstanding the buying activity. We
looked at the liquidation heatmap to try and estimate Ethereum’s
possible support levels. Based on the analysis, there was a rise in
liquidations in the $2,140–$2,170 range. This implies that before
Ethereum’s price initiates its next bullish rebound, it is likely
to drop below these levels. But in the event of a rally, Ethereum
would have to overcome a significant resistance level close to
$2,380. Source: Santiment Ethereum’s near-term price changes are
difficult to forecast because to the complex interaction of market
indicators and liquidation data. Meanwhile, the $2,148 price mark
appears to be the asset’s short-term support, according to an
analysis of the ETH daily price chart. In order to increase the
likelihood of one more rise before the end of 2023, bulls will hope
that this level holds. Related Reading: Injective (INJ) Rockets To
Fresh ATH With 2,700% Surge – Find Out More If there is a break
below, it may indicate the construction of a more intricate bullish
continuation chart pattern, similar to a bull flag. On smaller time
frames, this pattern may resemble a descending channel and
undermine expectations for another significant rise in 2023. Ether
and other cryptocurrency values are sensitive to a number of
external variables, including generalized macroeconomic sentiment.
Ethereum has already risen 81% year-to-date at its current price.
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