Ethereum Whales Bought $1 Billion ETH In The Past 96 Hours – Details
Summary
Ethereum has experienced significant volatility, facing selling pressure after failing to surpass yearly highs. On-chain data indicates a bullish outlook, with whales accumulating 340,000 ETH worth over $1 billion in 96 hours, suggesting confidence in Ethereum's long-term value. This accumulation often precedes strong price rallies, as increased demand and reduced supply can drive upward momentum. Currently trading at $3,320, Ethereum has maintained support above the critical 200-day moving average at $3,000, indicating long-term market strength. For upward momentum, bulls need to push above the $3,550 resistance level. A consolidation phase above $3,000 could further solidify this support and boost investor confidence.
