A naukri.com initiative
Blockonomi
3w
65
Image Credit: Blockonomi
Big Money Bets on Ethereum: $220M in ETH Bought Amid Price Dip
- A whale acquired over $220 million worth of Ethereum and staked it through Lido amid a price dip, showcasing long-term conviction.
- Institutions continue to buy significant amounts of ETH, stake them, and accumulate more even during price weakness, indicating a long-term strategy.
- Whale activity in Ethereum remains strong, with one entity acquiring 85,465 ETH through OTC deals despite unrealized losses, further buying 15,000 ETH.
- Addresses holding 1,000–10,000 ETH have added over 500,000 ETH since mid-2024, showing ongoing accumulation and long-term confidence.
- ETH's bullish flag pattern on the technical chart suggests a potential target of $8,000, aligning with whale behavior and institutional interest.
- Despite recent price drops for Ethereum, institutional buyers exhibit confidence in long-term growth, with strong accumulation continuing.
- Ethereum's macro bullish flag pattern implies the potential for a significant breakout, with historical support indicating a target price of $8,000.
- ETH currently faces short-term downward pressure, having decreased 2.47% in the past 24 hours and 9.38% in the last week.
- Institutions' sustained interest in acquiring and staking ETH during price weakness reflects a robust belief in Ethereum's future performance.
Read Full Article
3 Likes
For uninterrupted reading, download the app