Ethereum Whales Buy $425M Worth of ETH

As Ethereum (ETH), the world's second-largest cryptocurrency, grapples with staying above the $1,650 threshold, on-chain data indicates that large holders are capitalizing on this downturn.

Prominent cryptocurrency analyst Ali Martinez has revealed that Ethereum whales have acquired 260,000 ETH, totaling a staggering $425 million, in the span of just 24 hours.

#Ethereum whales appear to have purchased around 260,000 $ETH within the last 24 hours, worth nearly $425 million. pic.twitter.com/rPRMhnI6oD

— Ali (@ali_charts) September 5, 2023

This development comes on the heels of a notable movement by ETH whales reported a day earlier, with two prominent whale addresses transferring a combined 300,000 ETH on the Coinbase exchange.

Ethereum has recently seen a couple of significant whale transactions, each involving 150,000 ETH, to Coinbase. Among the most substantial transactions in 2023, these transactions represent the most noteworthy on-chain activity since June 13. The motivations behind these transfers remain undisclosed, and their immediate impact on Ethereum’s price may be limited.

Ethereum has recently faced substantial selling pressure, with $1,600 as a crucial support level on the downside. Conversely, Ethereum has encountered multiple rejections at the $1,730 level. As of the latest data, ETH is trading at $1,629, boasting a market capitalization of $195 billion.

The key question now revolves around whether ETH whales can help shift the prevailing bearish sentiment into a more bullish one or if further downward pressure is in store.

From a technical perspective, ETH has exhibited strength, as reported by CoinGape, and seems to be on a trajectory toward the $2,000 mark. The path of least resistance appears to be tilted towards the upside, supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator.

To sustain this upward momentum, it is critical for Ethereum to maintain short-term support at $1,630, but traders should remain cautious about potential hurdles, including the 50-day Exponential Moving Average (EMA) at $1,645, the 100-day EMA at $1,668, and the 200-day EMA at $1,715, which could potentially act as resistance levels during its ascent.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.