Sign Up on MEXCEthereum Price Hints Major Reversal as Whales Buy 700,000 ETH Amid Market Dip
Highlights
- The two converging trendlines in ETH price show the formation of a symmetrical triangle pattern.
- A bullish breakout from the triangle pattern will signal the end of the current consolidation trend.
- The intraday trading volume in Ether is $10.24 Billion, indicating a 37% gain.
The first half of June was notably bearish for the crypto market as Bitcoin price hit a low of $65000 amid several unfavorable updates. The FUD surrounding macroeconomic development, Bitcoin miners capitulating, the ETFs outflow, and whale distribution combined to fuel the recent correction in the majority of major cryptocurrencies including Ether. The Ethereum price dropped to a three-week low of $3362 on Friday but has now witnessed an ease in selling pressure amis stable the weekend.
Also Read: Crypto Headlines of The Week: Bitcoin & ETH Ride Rollercoaster, XRP & LUNC Make Waves
SEC’s Potential ETF Approval and Whale Investments Boost Ethereum Price
During the recent market downturn, Ethereum formed a new lower high at the $3950 resistance level on the daily chart. The coin buyers failed to surpass the last high indicating an initial shift in market sentiment where traders prefer to sell on bullish bounces.
On June 14th, the coin’s price peaked at $3,887 before experiencing a significant drop of 13.5%, bringing it down to a low of $3,364. This price level coincides with the 100-day EMA, which has now begun to stabilize the declining Ethereum price, aiding its recovery to $3,509. Concurrently, the market capitalization has increased to $431.2 billion.
This surge is likely triggered by SEC Chair Gary Gensler’s recent statement to lawmakers, suggesting that the agency could finalize the approvals for listing and trading spot ETH exchange-traded funds (ETFs) over the summer.
Moreover, in a recent tweet, renowned trader Ali (@ali_charts) highlighted a significant trend in the Ethereum market. According to his analysis, Ethereum whales have made substantial investments over the past three weeks, purchasing more than 700,000 ETH, which amounts to approximately $2.45 billion.
#Ethereum whales have bought over 700,000 $ETH in the past three weeks, totaling approximately $2.45 billion! pic.twitter.com/sfmXnkqD49
— Ali (@ali_charts) June 15, 2024
This notable accumulation by large holders despite the ongoing correction indicates strong confidence for the Ethereum price to rebound.
Also Read: Ethereum Permanent Holders Scoop 298K ETH In A Day, ETH Price Rally Soon?
If the broader market correction persists, the ETH price may dive to $3200 and seek support from the long-coming support trendline. As per the past record, the Ethereum coin rebound thrice from dynamic support indicates a high accumulation for investors.
That said, the daily chart indicates a new resistance trendline forming above, suggesting that Ethereum might enter a sideways trading pattern. A breakout above this barrier is needed for buyers to regain control, and bolster a rally to $3900.
Technical Indicator:
- Exponential Moving Average (EMA): The 100-and-200-day EMAs as dynamic support preventing ETH price from a major correction
- MACD: A bearish crossover between the MACD (blue) and signal (orange) indicates a seller as the key driving force behind the current price movement.
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
