Ethereum Price Dips Below $3,400: An Opportunity for Investors
In a significant market movement, Ethereum’s value has dropped below $3,400, marking the first such occurrence since August. However, this downturn has presented a strategic buying window for large investors or ‘whales,’ who are capitalizing on this opportunity. Recent data has highlighted a notable increase in ETH accumulation by these key market players.
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Whales Acquire Over $1 Billion in ETH Within 48 Hours
According to insights from the on-chain analytics platform Lookonchain, several whale addresses have collectively secured 323,523 ETH, equating to an impressive $1.12 billion, over a brief two-day span. One significant transaction involved a whale acquiring 257,543 ETH, valued at roughly $896 million, with an average purchase price of $3,480 per ETH. Additionally, a group of addresses identified as the “seven siblings” collectively purchased 37,971 ETH, worth approximately $133 million, at an average rate of $3,515 each.
Another whale, known for strategic swing trading through over-the-counter channels, acquired 14,004 ETH for around $45.5 million, achieving an average buying price of $3,247, coinciding with the recent price floor. Moreover, two newly established wallets contributed significantly by purchasing 10,000 ETH and 4,005 ETH, respectively, totaling over $47 million. Overall, these whale actions underscore a collective strategy to leverage the price dip below $3,400.
Potential Market Resurgence Amidst Ethereum Price Decline
While Ethereum’s current price dip may have caused concern among some traders, the robust whale accumulation suggests promising market prospects. The significant buying activity below $3,400 has fortified the $3,200 support level, aligning with a pattern where accumulation aids in maintaining crucial support thresholds.
Should Ethereum sustain its position above the $3,200 support and continue to exhibit strong on-chain activity, there is potential for the price to rebound beyond $4,000 in the near term. The initial objective is for Ethereum to reclaim the $3,800 mark and secure a strong weekly close above this level.
Notably, despite recent market fluctuations, Ethereum’s network maintains its resilience. The ecosystem has reached a new throughput milestone, achieving a record-breaking 24,192 transactions per second (TPS). This remarkable performance sets a new standard for network activity.
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