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Whales Go on Buying Spree, Snapping Up $840 Million in ETH

source-logo  coinedition.com 12 June 2024 19:45, UTC

Ethereum (ETH) is showing strength in the volatile crypto market, according to crypto analyst Ali. Large investors, known as whales, recently purchased over 240,000 ETH during a price dip. This significant purchase, valued at around $840 million, demonstrates strong confidence in Ethereum’s long-term value and its crucial role in the global crypto ecosystem.

Whales have bought over 240,000 $ETH during the recent #Ethereum price dip, totaling around $840 million! pic.twitter.com/j5jnxJul4q

— Ali (@ali_charts) June 12, 2024

Crypto applications built on the Ethereum blockchain are generating revenues comparable to those of several public companies. This highlights the innovation, resilience, and vision driving the global crypto industry. These applications are becoming integral to daily financial and digital activities, marking a significant milestone in the mainstream adoption of cryptocurrency.

Crypto analyst Crypto_Scient noted that Ethereum is currently consolidating around a crucial daily level of $3,650, a critical area for determining the next move. If Ethereum closes below $3,660 and consolidates, a drop toward the $3,200 support level may occur. Conversely, reclaiming and consolidating above $3,700 could signal a bullish trend, encouraging long positions.

$ETH, Got the correction I was looking for, but it wasn't as deep as I expected.

ETH looks much better and bullish than BTC.

• Holding and Bouncing from 12h 200MA.
• Tapped the 1D FVG on this drop.

We have local support around $3450, Consolidation above this level and we… https://t.co/M0FvCc39yw pic.twitter.com/Xs91adRer8

— Scient (@Crypto_Scient) June 12, 2024

The recent price correction has been less severe than anticipated, leaving Ethereum in a more favorable position than Bitcoin. Ethereum is holding and bouncing from its 12-hour 200 Moving Average (MA) and has tapped into the 1-day Fair Value Gap (FVG) on the recent drop. Local support has been established around $3,450. If consolidation continues above this level, a move toward $3,660 is likely in the coming days. A flip of the $3,660 level to support would confirm a bullish deviation, potentially attracting more long positions. Any dip towards the $3,500 to $3,450 range presents a scalping opportunity for traders.

As of the latest update, Ethereum’s price is $3,541.88, with a 24-hour trading volume of $14.73 billion. This represents a 0.25% increase in the past 24 hours but a 6.69% decline over the past seven days.

Whales’ accumulation of ETH during the price dip strongly indicates underlying confidence in Ethereum’s potential. Additionally, the ability of Ethereum-based applications to generate revenues on par with traditional public companies further solidifies their role in the evolving financial landscape.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.