- Ethereum whales acquire over 700,000 ETH, investing $2.45 billion amid bearish trend.
- Ethereum’s price drops to $3,563, maintaining 18% monthly gain despite recent decline.
- On-chain analyst Ali Martinez signals potential short-term Ethereum recovery based on TD Sequential.
As the Ethereum
Referring to information from the market analysis tool Santiment, Martinez pointed out that over the past three weeks, ETH big investors have acquired in excess of 700,000 tokens. This equates to a hefty investment of $2.45 billion into the Ethereum market, even amidst the prevailing bearish trend.
Martinez’s most recent update comes after a previous announcement where he revealed that during a market downturn when Ethereum’s price fell to $3,434, Ethereum whales—investors who hold between 10,000 and 100,000 ETH—purchased approximately 240,000 tokens, totaling around $840 million, all within a single day.
In the waning days of May, amidst the excitement over Ethereum-related ETFs that nearly drove the cryptocurrency’s price to $4,000, the transaction patterns of these whales did not align with the overall market optimism.
As the market retreated from its peak, these large-scale holders began to incrementally add to their positions. The provided graph illustrates that their purchasing activity intensified notably in the recent days as Ethereum’s price revisited the $3,400 level.
Currently, Ethereum’s price is $3,563, a 3.5% decrease from a week ago. However, it still retains more than 18% of the gains it has made over the last month.
In a different analysis, Martinez pointed out the TD Sequential indicator on the Ethereum daily chart, which has signaled a buying opportunity. Based on Martinez’s interpretation, the market might anticipate a short-term recovery for ETH, potentially lasting from one to four days, as indicated by daily candlesticks. This forecast is beginning to take shape, evidenced by a 1% uptick in Ethereum’s price over the past 24 hours.
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