Price: $0.19776 2.1909%
Market Cap: 29.01B 1.1343%
Volume (24h): 3.8B 0.2%
Dominance: 1.1343%
Price: $0.19776 2.1909%
Market Cap: 29.01B 1.1343%
Volume (24h): 3.8B 0.2%
Dominance: 1.1343% 1.1343%
  • Price: $0.19776 2.1909%
  • Market Cap: 29.01B 1.1343%
  • Volume (24h): 3.8B 0.2%
  • Dominance: 1.1343% 1.1343%
  • Price: $0.19776 2.1909%
Home > Information news > Ether whales buy $840M of ETH amid price dip, What does it mean?

Ether whales buy $840M of ETH amid price dip, What does it mean?

Release: 2024/06/12 21:05 Reading: 779

Original author:Todayq News

Original source:https://coinmarketcap.com/community/articles/666995d62711816ff675fad4

Ether whales buy $840M of ETH amid price dip, What does it mean?

Whales Accumulate Ethereum Amidst Price Dip

In the past five days, the cryptocurrency market has witnessed a significant decline, particularly in Ethereum (ETH). During this downturn, investors have taken contrasting approaches, with some liquidating holdings and others seizing the opportunity to acquire tokens at reduced prices. Notably, crypto whales have purchased over 240,000 ETH, amounting to approximately $840 million. This substantial purchase has garnered significant attention from the investment community.

This notable ETH accumulation underscores investor and trader confidence in Ethereum amidst the price drop. One potential factor driving this accumulation is the recent approval of a spot Ethereum Exchange Traded Fund (ETF) in the United States by the Securities and Exchange Commission (SEC) on May 23, 2024.

Heavy Bitcoin and Ether Transactions

Whales have not only amassed ETH but also Bitcoin. On June 12, 2024, reports emerged that investors had withdrawn a substantial 14,140 Bitcoin, valued at $954.5 million, from cryptocurrency exchanges. This concurrent accumulation of both Bitcoin and Ethereum suggests a potential market recovery in the near future.

Despite the significant Ethereum accumulation, its impact has not yet been fully reflected in ETH's price. Currently, Ether is trading near $3,540, with minimal fluctuations in the past 24 hours. Over a seven-day period, Ethereum has experienced a modest 7% decline, although it remains up year-to-date due to the ETF approval.

Ethereum Technical Analysis

According to technical analysts, Ether's short-term outlook appears bearish; however, the recent accumulation could potentially alter market sentiment. Currently, Ether faces resistance at $3,570 on the 4-hour timeframe. A break above this level could signal a shift towards bullish momentum. Conversely, further price declines may occur if support fails.

Market Recovery

The overall cryptocurrency market is currently showing signs of improvement after a prolonged period of decline. According to CoinMarketCap, the market is up by 1%, with Bitcoin experiencing a 1.5% gain. Other major cryptocurrencies, such as BNB, Solana (SOL), and Dogecoin (DOGE), have exhibited mixed performance, with modest gains and losses respectively.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.