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Ethereum Whale Accumulates 10,309 ETH Amid Dip, ETH Price Bounces Back

During the last three days, an Ethereum whale has accumulated $70 million worth of the altcoin making the most of ETH price dip. The ETH price breakout above $3,600 is must.
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Ethereum Whale Accumulates 10,309 ETH Amid Dip, ETH Price Bounces Back

Highlights

  • Ethereum whale accumulated 10,309 ETH amid ETH price Dip to $3,400.
  • Ethereum price should break past $3,600 to resume rally to $4,000.
  • Ethereum Open Interest and futures call on the rise again.

The Ethereum (ETH) price tanked all the way to $3,400 on Wednesday, April 10, after the US reported red-hot CPI data for the month of March. However, ETH has recovered well since then scaling past $3,550 once again as of press time. This ETH price recovery happens against the backdrop of a strong whale accumulation taking place.

ETH Whale Accumulation

Citing data from Etherscan, Lookonchain reported that a whale in cryptocurrency markets purchased a substantial amount of Ethereum (ETH). Approximately 10,309 ETH, equivalent to $35.82 million, was acquired just two hours ago during a period of market downturn.

This purchase follows another significant investment made by the same investor earlier on April 8th. At that time, they bought 10,643 ETH, valued at approximately $36.75 million, prior to a notable rise in the price of Bitcoin (BTC).

These acquisitions suggest bullish sentiment from the investor, positioning themselves strategically during market fluctuations to capitalize on potential future price movements.

On the other hand, as reported by CoinGape, the Ethereum open interest is on the rise again along with the futures call, thus hinting at bullish momentum for ETH going ahead. Analysts are hopeful that this Ethereum price recovery can sustain further up to $4,000.

Ethereum Price Levels to Watch

Ethereum is currently hovering around the $3,500 mark, closely tracking the 100-hourly Simple Moving Average. Immediate resistance lies near the $3,600 level or the 61.8% Fibonacci retracement level. The primary hurdle is anticipated near $3,650, followed by a significant resistance at $3,725, and a further obstacle at $3,780. A breakthrough above $3,800 could pave the way for bullish momentum.

However, failure to surpass the $3,600 resistance may trigger a downturn. Initial support is expected near $3,520, with a more substantial support level of around $3,500. Further downside movement could lead to a test of the $3,400 zone.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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