Time to Buy ETH? Ethereum Whales $28.5M Worth of Ether

Ethereum ($ETH), the world’s second-largest cryptocurrency by market capitalization, is poised to continue its upside momentum following a notable price decline in recent days. This bullish speculation is driven by investors and long-term holders who have recently been buying the dip in $ETH.

Crypto Whales Adds $28.5 Million of $ETH

Recently, the blockchain-based transactions tracker Lookonchain posted on X (formerly Twitter) that four fresh crypto wallets belonging to Whales had purchased a significant 8,440 $ETH worth $28.43 million from Binance. This massive $ETH purchase occurred during a period when the altcoin’s price had begun to recover after a notable decline.

During a recent downturn, $ETH experienced a price decline of over 22.5%. However, with rising interest, the altcoin has rebounded, reclaiming a crucial level after retesting its vital support at the 200 Exponential Moving Average (EMA) of $3,100.

Current Price Momentum

At press time, $ETH is trading near $3,475, having experienced a price surge of over 1.75% in the past 24 hours. During the same period, its trading volume jumped by 10%, indicating heightened participation from traders and investors amid the market dip. Meanwhile, long-term holders and whales appear to have seized this opportunity, accumulating heavily.

Ethereum ($ETH) Technical Analysis and Upcoming Level

According to expert technical analysis, $ETH has regained its crucial support level of $3,400 and recently closed a bullish pin bar candle at this support, characterized by a long wick. The formation of this bullish candle at the support level suggests potential upside momentum in the coming days.

Source: X (Previously Twitter)

Based on recent price action, if the altcoin crosses the $3,500 level, there is a strong possibility that $ETH could soar by 17% to reclaim the $4,000 mark in the near future. Currently, market sentiment appears to favor the bulls, which could further support the upside momentum.