Following recent geopolitical events, Ethereum (ETH) experienced a significant price drop of 9% after Israel’s airstrike on Iran. However, this sharp decline presented an opportunity for whales to accumulate over $16 million worth of ETH through direct buys and AAVE loans.
Whales in the crypto market wasted no time in taking advantage of the price crash to increase their holdings of Ethereum. During Asian trading hours, a crypto whale borrowed $5 million from AAVE and acquired 1,844 ETH worth approximately $4.6 million. Additionally, two more crypto wallets, likely belonging to the same whale, purchased 4,521 ETH for $11.7 million, demonstrating a “buy the dip” strategy in action.
In a separate development, spot data from CoinGlass revealed a massive $202.03 million Exchange Outflow from ETH wallets on June 13th alone. This outflow is typically seen as a sign of accumulation and can create buying pressure, potentially reducing selling pressure in the market.
Despite the recent price drop, Ethereum remains range-bound between the $2,409 and $2,730 levels. This consolidation range provides an accumulation zone for investors, with historical momentum suggesting that the asset tends to experience an upside rally when approaching the lower boundary of this range.
However, traders are not hesitating to bet on short positions, as evidenced by the significant imbalance in the Liquidation Map. Short positions near $2,796 ballooned to $2.64 billion, while long positions at $2,440 held just $201 million, indicating a short-term bearish sentiment among traders.
At the time of writing, ETH is trading near the $2,505 level, recording a price decline of over 9% in the past 24 hours. The increased trading volume during this period suggests heightened participation from traders and investors amid the price dip.
Looking ahead, Ethereum faces critical battle zones in the market. If the price slips below $2,400, the next key support lies near $2,150, a level that bulls must defend to avoid a steeper slide. Given the current market structure and geopolitical tensions, ETH is likely to continue trading sideways until major developments occur. However, a breakdown remains a possibility, emphasizing the importance of key support levels for the cryptocurrency’s price trajectory. Nowadays, people are more concerned about their health and well-being than ever before. With the rise of chronic diseases and the increasing awareness of the importance of a healthy lifestyle, individuals are actively seeking out ways to improve their overall health. One popular approach that has gained a lot of attention in recent years is the concept of holistic health.
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