Ethereum (ETH) Price Consolidates Near Key Resistance Level Amid Whales and Institutions Accumulating
Ethereum’s price has been consolidating near a crucial resistance level after experiencing a period of significant upward momentum. During this time, whales and institutions have been actively accumulating ETH, taking advantage of the current dip in the market.
ETH Accumulation Surges
In the past 24 hours, reports from blockchain-based transaction trackers have shown a massive surge in accumulation by whales and institutions. One newly created wallet, 0x8eEa, has acquired a substantial 33,644 ETH valued at $125.73 million through FalconX. This whale’s total ETH holdings have now reached 105,977 ETH, worth $397 million, within just four days.
Another newly created crypto wallet has also made a significant purchase of 32,640 ETH worth $122.18 million through OTC deals. This has increased the wallet’s ETH holdings to 43,787 ETH valued at $163 million over the past four trading days.
Additionally, SharpLink Gaming, a publicly listed company often referred to as the “MicroStrategy of Ethereum,” acquired 79,949 ETH last week, boosting its total holdings to 360,807 ETH. This represents a 29% increase compared to the previous week.
ETH Price Momentum Remains Flat
Despite the accumulation efforts by whales and institutions, the price of ETH has remained relatively unchanged over the past 24 hours. At the time of writing, ETH is holding steady at the $3,682 level, showing a modest 0.90% upward movement. However, trading volume has decreased by 17%, indicating lower participation from traders.
Analysis suggests that ETH is currently in an uptrend, but due to its extended price and significant gains of over 35%, the asset is experiencing profit booking. This trend began as ETH approached the key resistance level of $4,000.
Major Liquidation Levels to Watch
According to on-chain analytics firm CoinGlass, traders have shown strong interest in two major liquidation levels. On the lower side, $3,359.7 is a key level where traders have built $290 million worth of long positions. On the upper side, $3,768.9 is another important liquidation level, with traders accumulating $589.17 million worth of short positions.
This data indicates bearish sentiment among traders, who believe that ETH may struggle to surpass the $3,768.9 level in the near future.
In conclusion, while ETH’s price remains relatively stable, the ongoing accumulation by whales and institutions suggests a strong belief in the long-term potential of the cryptocurrency. Traders are closely monitoring key support and resistance levels to gauge the next potential price movements. The Benefits of Regular Exercise for Overall Health
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