How $35 Million Investment by Crypto Whales Affects Ethereum Price
How Crypto Whales' Activities Established a Strong Support For ETH Price
A closer look at the transactions reveals a strategic play. Eight crypto wallets, likely under a single entity's control, deployed $20.86 million in USDT to purchase 6,144 ETH, averaging a price of $3,395.
- Five wallets labeled 'Address Group 1' funded by wallet 0x065 while 'Address Group 2' funded by wallet 0x8ce, showing possible single entity control.
- Significant trade involved crypto wallet 0x5e9 buying 4,178 ETH with $14.245 million in DAI, averaging $3,410 per ETH.
- Market trends indicate a robust support level between $3,328 and $3,428 with 3.13 million addresses acquiring 5.78 million ETH.
Impact on Ethereum's Price Trajectory
If Ethereum dips below the established support, resistance could hinder its upward momentum. Above this zone, resistance appears less challenging, with the next significant barrier between $3,433 to $3,534.
These transactions play a pivotal role in shaping Ethereum's price trajectory in the near term.
Market Expert Insights and Predictions
Hitesh Malviya, founder of DYOR, believes Ethereum has established a local bottom based on market dynamics, signaling potential upward movement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.