Bitcoin’s price has once again reached $64,000, but altcoins have not fully recovered from their recent losses. These short-term fluctuations are considered normal. In the meantime, crypto whales continue to make purchases in line with their medium and long-term goals. So, which altcoins saw $57 million worth of purchases in the last 24 hours?
Ethereum (ETH) Whales
According to Spot On Chain, whales are once again active in the Ethereum market. The on-chain analyst who examines whale buy and sell movements has been monitoring a notable whale that recently withdrew a significant amount of ETH from the Binance exchange. The whale with the address 0x3d4, which withdrew 8,877 ETH worth approximately $29 million at a price of $3,267, made its second major purchase. It had previously withdrawn 14,877 ETH from the Binance exchange.
The whale holding ETH worth $48.68 million has an unrealized gain of approximately 14% at a cost of $2,863. Another whale with the address 0x0d7 withdrew 1,800 ETH worth $5.71 million. The whale with the wallet address 0x435, which withdrew 7,128 ETH, is the owner of the recent notable transaction. The increased interest among whales indicates that the decrease in ETH price has reached attractive levels.
With the significant decrease in the likelihood of approval for a spot Ether ETF, the ETH price has moved far away from the $4,000 levels.
Although Ethereum has shown signs of recovery against BTC, it is still difficult to be certain about a definite turnaround.
Ethereum Price Prediction
The support level at $2,867 has become a bottom for the downward movement that started at the end of March. Although there have been momentary oversold conditions, Ethereum (ETH) has not seen long-term closures below $3,000. However, there are still many challenging resistance levels that need to be overcome. For ETH, the three important levels that we need to see closures above for a clear reversal in USD pairs are $3,277, $3,320, and $3,650.
Breaking the parallel descending channel will accelerate the upward movement for Ethereum and target $4,095. However, at the moment, the news flow does not seem to support this optimistic prediction.
The weakness in Bitcoin’s price is causing a decrease in risk appetite for ETH as well.
Disclaimer: The information in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
