Large Ethereum investors have shown strong confidence in ETH’s future. They accumulated 430,000 ETH worth over $1.1 billion in just 72 hours. This massive buying occurred while ETH traded between $2,650 and $2,750.
Whale Activity Signals Potential Trend Reversal
On-chain data from Santiment reveals significant whale accumulation. Large holders keep buying despite ETH’s struggle below $2,800. This behavior often precedes major price movements. Historical data shows whale accumulation at key levels leads to strong rebounds.
The current price action shows ETH consolidating in a tight range. Support sits at $2,600, while $2,800 acts as immediate resistance. The prolonged sideways movement suggests a big move ahead.
Technical Analysis and Market Outlook
ETH faces crucial price levels that could determine its next trend. A break above $2,800 could trigger momentum toward $3,000. This psychological barrier remains key for bullish continuation. However, losing $2,600 support might lead to deeper corrections.
Key levels to watch:
- Strong support: $2,600
- Immediate resistance: $2,800
- Major psychological level: $3,000
Institutional Interest Growing
Large investors view current prices as attractive entry points. The recent accumulation suggests strong institutional confidence. This buying pressure could provide support for future price appreciation.
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Market Implications
The substantial whale accumulation could impact ETH’s supply dynamics. Less ETH remains available on exchanges. This reduction in selling pressure might support price stability.
Traders should watch for:
- Breakout confirmation above $2,800
- Volume increases during price movements
- Continued whale accumulation patterns
The next few days remain crucial for ETH’s direction. The market shows signs of accumulation at current levels. This pattern often precedes significant price movements.
Tags: Ethereum, Whale Activity, Market Analysis, Crypto Trading, Technical Analysis
Source: Bitcoinist