$422 Million ETH Purchase: Is the Rise Starting?

Ethereum’s price has risen to $2,491, starting to recover from recent losses. $ETH , which fell after geopolitical tensions over the weekend, is starting to attract investor interest again. #Ethereum has lost around 13% in the past two weeks. Tensions in the Middle East and global economic uncertainty are generally weighing on the altcoin market. However, the massive ETH purchases in this environment indicate that the trend may be reversing.

In a post on social media platform X, investor Ted Pillows announced that a whale purchased $8.91 million worth of $ETH from Galaxy Digital in just one day. It is stated that this person or institution has collected a total of $422 million worth of Ethereum in the last three weeks.

This development rekindles institutional investors’ confidence in Ethereum. According to CoinShares data, digital asset funds bought $123 million worth of ETH in the week of June 17–23.

Ethereum is still trading 50% below its 2021 peak of $4,800, which still represents a serious buying opportunity for major players.

Ethereum’s technical analysis data also gives positive signals. The Relative Strength Index (RSI) is approaching the 50 level. This shows that the selling pressure is weakening.

On the other hand, the MACD indicator (convergence and divergence between moving averages) has also bottomed in recent days. This indicates that a short-term rise may begin.

⚠️ Note: My posts are not investment advice. There may be errors due to translation. Please do your own review. You can also write your thoughts in the comments section.

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