• 26 May, 2024
Markets News

Ethereum Faces Market Downturn While Whale Investors Remain Bullish

Ethereum (ETH) faced a setback, sliding by 0.02% in the last 24 hours, recently trading at $3,146.48, erasing the bullish momentum it had gained after Bitcoin’s halving. Despite this, whale investors remained optimistic about ETH’s future.

Whales, known for their significant market influence, demonstrated confidence in Ethereum by accumulating substantial amounts of cryptocurrency during the recent dip.

Spot On Chain, an on-chain tracking platform, reported notable transactions by whales. One wallet, identified by the address 0xe0b, acquired 1,524 stETH, pushing its total holdings beyond $10 million. Another whale made a significant purchase of 7,128 ETH, worth $22 million, consolidating their already substantial ETH stash valued at $482 million.

Interestingly, despite the market downturn, these whales displayed a bullish sentiment, indicating their long-term confidence in Ethereum’s potential for growth.

Ethereum/USD 1-Day price chart, Source: TradingView

Analyzing Ethereum’s current market indicators, the 1-Day RSI stands at 44.77, suggesting a slight oversold condition. This could potentially present an attractive entry point for traders eyeing a lower price. However, the 1-Day MACD trading above the signal line indicates a bearish trend, urging caution among investors until further confirmation.

Moreover, the 1-Day ADX reading of 23.45 signals a lack of solid trend, implying a period of consolidation before a significant market movement. Traders should brace themselves for potential volatility in the near future.

Source: Hyblock Capital

Although it’s worth noting that long exposure decreased after the halving event, the overall market sentiment leans towards greed, hinting at the possibility of increased buying pressure in the days ahead, which could support ETH’s rebound. This renewed interest could serve as a catalyst for ETH’s rebound in the near future, bolstered by the confidence demonstrated by whale investors amidst the current market conditions.

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