Whales Show Confidence in Ethereum with $840M ETH Purchase Amid Price Dip

• Whales took advantage of a price drop to accumulate 240,000 ETH, spending $840 million, indicating a strong belief in Ethereum’s future potential.
• Ethereum-based applications are generating revenues similar to those of public companies, showcasing their move towards mainstream acceptance.
• Ethereum’s current price is hovering around $3,650, with critical support levels and potential upward movement if it breaks above $3,660.

Discover how Ethereum’s recent price movements and whale activity highlight its strength and potential in the volatile crypto market.

Whales Accumulate Ethereum During Market Dip

In recent developments, large investors, commonly referred to as whales, have purchased over 240,000 ETH amid a price dip. This massive acquisition, totaling approximately $840 million, signifies strong confidence in Ethereum’s long-term value. Such substantial investments highlight Ethereum’s integral role in the broader crypto ecosystem, suggesting optimism about its future prospects.

Ethereum-Based Apps Achieving Mainstream Revenue Levels

Applications built on the Ethereum blockchain are demonstrating significant revenue generation, comparable to that of various public companies. This achievement underscores the innovation and resilience propelling the global crypto industry forward. The increasing integration of these applications into everyday financial and digital transactions marks a pivotal point in the adoption of cryptocurrency, showcasing their growing utility and acceptance.

Price Analysis: Critical Support and Resistance Levels

Crypto analyst Crypto_Scient pointed out that Ethereum is currently consolidating around a crucial daily level of $3,650. This stage is pivotal in determining the next price movement for Ethereum. Should it close below $3,660 and consolidate, a decline towards the $3,200 support could ensue. Conversely, reclaiming and consolidating above $3,700 might indicate a bullish trend, encouraging long positions from traders.

Despite the recent price correction, which was less pronounced than expected, Ethereum remains in a more favorable position compared to Bitcoin. Ethereum has been holding and rebounding from its 12-hour 200 Moving Average (MA) and has recently tapped into the 1-day Fair Value Gap (FVG) on the recent dip. Local support levels have been identified around $3,450, and continued consolidation above this level could potentially result in a move towards $3,660 in the near future. A confirmation of a bullish trend may occur if the $3,660 level is flipped to support, drawing in additional long positions. Any market dip within the $3,500 to $3,450 range could present a profitable scalping opportunity for traders.

Current Market Status

As of the latest market update, Ethereum’s price stands at $3,541.88. This reflects a 0.25% increase over the past 24 hours but a 6.69% decline over the past week. The 24-hour trading volume is reported at $14.73 billion.

Conclusion

The recent accumulation of ETH by whales during a price dip underscores their confidence in Ethereum’s potential. The impressive revenue generation by Ethereum-based applications, akin to that of public companies, further cements their significance in the evolving financial environment. These developments demonstrate Ethereum’s strength and its continued trajectory towards mainstream adoption, making it a formidable asset in the crypto market.