Ethereum whales have recently made a significant move, acquiring over 700,000 ETH, worth around $2.45 billion. This buying activity by large investors indicates their confidence in Ethereum’s long-term potential, despite recent price fluctuations. The increased ETH holdings among whales can potentially stabilize the cryptocurrency’s price and mitigate market volatility.
Although Ethereum experienced a temporary dip below $3,400, it quickly rebounded, possibly due to heightened whale activity. However, the overall price trend has shown a bearish pattern since late May, accompanied by a decline in money inflows. Despite this, the Relative Strength Index suggests increased bullish momentum, potentially leading to price recovery attempts.
The on-chain metrics for Ethereum present mixed signals. While Network Growth has declined, indicating reduced interest from new investors, the overall trading velocity has also slowed down, signaling decreased market activity.
Looking ahead, the trajectory of Ethereum’s price remains uncertain. The cryptocurrency may face resistance around the $3,607.30 level, which it could challenge if bullish momentum persists. However, achieving decisive breakthroughs to new highs would require substantial bullish support.