As the cryptocurrency market attempts to recover from the massive sell-off that began 28 hours ago, we’re seeing a significant accumulation of Ethereum by large holders, or “whales.”
There’s been a noticeable spike in activity from addresses holding 100 to 1 million ETH, worth a combined total of $783 million at current prices. This suggests that whales are confident in Ethereum’s long-term prospects and are using the recent dip as an opportunity to accumulate more ETH.
This is a positive sign for the Ethereum market, as large holders are typically more resistant to sell-offs and have a greater ability to weather extended periods of volatility. If they continue to accumulate at this pace, it will provide support for Ethereum prices and help the market recover more quickly from this sell-off.
At press time ETH trades at $1,182, up 7.8% from the intraday low of $1,085 reached just a few hours ago.
large holders of ETH have been accumulating during the recent dip, suggesting they are confident in Ethereum’s long-term prospects. If they continue to accumulate at this pace, it will provide support for Ethereum prices and help the market recover more quickly from this sell-off.
ETH technical outlook?
From a technical perspective, Ethereum appears to be following a similar pattern to Bitcoin, which suggests that ETH could potentially see a relief rally in the short term. The key level to watch on the upside is $1,370, which was the previous resistance and is now acting as support. A break above this level could lead to a move back toward the $1,500 region.
On the downside, the key level to watch is $1,000, which was a previous support level and is now acting as resistance. A break below this level could lead to a move back toward the $800 region.
The Ichimoku Cloud indicator is currently showing a bullish bias, with prices trading above the cloud. This suggests that there is more upside potential in the short term.
The MACD indicator is currently showing a bullish crossover, with the 12-hour moving average crossing above the 26-hour moving average. This suggests that Ethereum could see some additional upside in the short term. The RSI indicator is currently trading at 58, which suggests that Ethereum is neither overbought nor oversold at this time.
Conclusion
The bottom line is that Ethereum’s long-term prospects remain strong, but the market is still vulnerable to further sell-offs in the short term. However, if large holders continue to accumulate at the current pace, it will provide support for Ethereum prices and help the market recover more quickly from any future sell-offs.
