Key Points
- Ethereum whales have accumulated over 700,000 ETH, equating to approximately $2.45 billion, in the past three weeks.
- Despite the recent price dip, network growth and ETH trade velocity have significantly declined.
Despite the recent price dip, Ethereum (ETH) continues to attract large-scale investors, also known as whales.
Ethereum Whales on a Buying Spree
Data indicates that these whales have amassed more than 700,000 ETH in the past three weeks.
This equates to a total of roughly $2.45 billion.
The significant buying activity suggests that these investors see the recent price dip as an opportunity and are confident in Ethereum’s long-term potential.
Their actions could help maintain the stability of Ethereum’s price.
At the time of reporting, ETH was trading at $3,569.40.
After briefly dropping below the $3,400 mark, the price of ETH rebounded, likely due to the whales’ eagerness to accumulate more ETH.
ETH Price Trends and Predictions
Despite the recent price increase, it wasn’t significant enough to disrupt the bearish trend established after May 27th.
Following the double top pattern during this period, ETH’s price experienced multiple lower lows and lower highs.
A substantial bullish momentum would be required for ETH to break out and reach new heights.
However, the Chaikin Money Flow (CMF) for ETH has been observed to be declining, indicating a decrease in money flow into ETH and painting a bearish picture for its future.
Contrary to the CMF, the Relative Strength Index (RSI) for ETH has significantly increased over the past few days, suggesting a rise in bullish momentum.
If this continues, ETH could potentially test the $3,607.30 resistance level again.
On-chain Data Analysis
Analysis of on-chain data reveals a decline in the network growth for ETH.
This suggests that the number of new addresses showing interest in ETH has significantly dropped in recent days, indicating a reluctance to buy ETH even at current discounted prices.
Additionally, the velocity of ETH trades has also decreased, which is not a positive indication.
