The price of Ethereum has risen to $2,491 and is starting to recover from recent losses. $ETH , which dropped after geopolitical tensions over the weekend, is beginning to attract investor interest again. #Ethereum has lost about 13% in the past two weeks. Tensions in the Middle East and global economic uncertainty are generally affecting the altcoin market. However, the massive purchases of Ethereum in this environment suggest that the trend may be on the verge of reversal.
In a post on the social media platform X, investor Ted Belous announced that a whale bought $8.91 million worth of $ETH from Galaxy Digital in just one day. It was reported that this person or institution has accumulated a total of $422 million in Ethereum over the past three weeks.
This development is reviving institutional investors' confidence in Ethereum. According to CoinShares data, digital asset funds purchased $123 million worth of Ethereum in the week from June 17 to June 23.
Ethereum is still trading 50% below its peak in 2021, which was $4,800, representing 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 selling pressure is weakening.
On the other hand, the MACD (Moving Average Convergence Divergence) indicator has also reached its bottom in recent days. This suggests that a short-term rally may begin.
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