The cryptocurrency market has been on a wild ride lately, with prices fluctuating wildly and billions of dollars in liquidations. But amidst all the chaos, one thing is clear: whales are setting their sights on Ethereum (ETH), the world’s second-largest cryptocurrency by market cap.

A Whale-Sized Bet on Ethereum

In the past 24 hours, the crypto market has seen millions of dollars worth of ETH accumulation. According to blockchain transaction tracker EyeOnChain, a whale borrowed $28.3 million USDT to buy 10,000 ETH when it was trading near the $2,817 level. That’s a big bet on the future of Ethereum!

Whales are accumulating Ethereum, with one whale borrowing $28.3 million to buy 10,000 ETH. Is it time to bag ETH? The cryptocurrency’s price momentum suggests a potential upside rally.

But that’s not all – another wallet belonging to 7 Siblings purchased 50,429 ETH worth $126 million during this dip, with an average price of $2,480. And according to on-chain analytics firm Coinglass, exchanges have seen an outflow of $228 million worth of ETH in the past 24 hours, suggesting potential accumulation.

Current Price Momentum

After hitting the $2,325 level, Ethereum (ETH) has significantly recovered, reaching $2,700, though it remains down 12% in the past 24 hours. However, during the same period, investors and traders have shown strong interest and confidence in the token, leading to a 270% surge in trading volume.

What’s Next for Ethereum?

According to expert technical analysis, ETH is still below the crucial support level of $2,800, making it more bearish and suggesting a further price drop in the coming days. Based on recent price action and historical momentum, there is a strong possibility that ETH could decline further if it does not reclaim the $2,800 level.

Despite a notable price recovery, Ether is still trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset remains in a downtrend. However, with whales accumulating Ethereum and trading volume surging, it’s possible that we could see a further upside rally in the coming days.

Only time will tell what’s next for Ethereum, but one thing is clear: whales are betting big on this cryptocurrency, and it’s worth keeping an eye on.

Whales Are Betting Big on Ethereum: Is It Time to Bag ETH?

Source: News | Coinpedia.org

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