Analysts point out that ETH has established strong support in the $2370 region, which provides confidence for investors. At the same time, the dynamics of whale funds have also brought new changes to the market.
💰Formation of strong support level
According to analysis by crypto analyst ali_charts, ETH has formed solid support at the $2370 region.
The establishment of this support level means that prices have received effective support at this level, and investors have a strong willingness to buy at this price.
Currently, there are no significant resistance levels ahead, which provides a good technical basis for further increases in ETH.
👀Trends of whale funds
In the past few hours, two addresses transferred 4,241 coins to Binance, worth about $11.26 million.
This massive inflow has attracted market attention, especially since one address built a position at $1822 on May 8 and then cleared it in two transactions within three hours, making a substantial profit.
This indicates that whale investors are flexibly operating amid market volatility, seizing short-term profit opportunities.
Meanwhile, Abraxas Capital, as a newly emerged whale, has been active in the Ethereum market recently.
The company has accumulated over 270,000 coins in just one week, showing strong confidence in Ethereum.
According to data, Abraxas Capital's portfolio is highly concentrated in Ethereum liquid staking tokens (LST), reflecting its pursuit of stable returns and flexible repositioning strategies.
🔥Positive signals of capital inflow
The US Ethereum spot ETF has seen continuous net inflows over the past five trading days, reaching $110.5 million yesterday.
This continuous capital inflow indicates that demand for Ethereum remains strong.
✨Future trend analysis
Considering the current market dynamics, the $2370 support level for Ethereum provides investors with a relatively safe entry point.
The activity of whale funds and ongoing inflows into ETFs provide strong support for ETH's rise.
However, investors still need to pay attention to market volatility and flexibly adjust strategies to respond to potential market changes.
With the activity of market funds and whale layouts, the future trend of Ethereum is worth looking forward to.