Key Points
During the price correction, $3,650 seems to be a key support level for ETH; falling below this level could lead to an 8% price drop. There are a lot of short positions around $3,768.9, making it a strong resistance level.
After several weeks of strong upward momentum, the price of Ethereum [ETH] continues to consolidate near key resistance levels.
Amidst this, whales and institutional investors have been consistently accumulating ETH with firm belief, seizing the current dip opportunity.
🐋 ETH whales are crazily accumulating coins, buying non-stop!
In the past 24 hours, on-chain data detective Lookonchain and Onchain Lens found that whales and large institutions are quietly accumulating ETH, buying aggressively!
A new wallet address 0x8eEa alone purchased $125 million worth of 33,644 ETH through FalconX, earning the title 'Big Buyer'!
This giant whale has accumulated nearly 106,000 ETH in the past four days, worth close to $400 million, showing immense strength, and the buying force has gathered!
Doesn't it feel like the signal to buy ETH is becoming more and more obvious? Follow the big players, the opportunity has arrived! 🚀
ETH accumulation surges
In the past 24 hours, blockchain-based transaction trackers Lookonchain and Onchain Lens have shown that whales and institutions have been accumulating large amounts of coins.
The newly created wallet 0x8eEa accumulated $125.73 million worth of 33,644 ETH through FalconX.
As a result, this whale's ETH holdings and total acquisitions have surged to 105,977 ETH in the past four days, worth $397 million.
Source: X (formerly Twitter)
Moreover, another newly created crypto wallet purchased $122.18 million worth of 32,640 ETH through over-the-counter trades.
As a result, the wallet's ETH holdings have increased to 43,787 ETH in the past four trading days, worth $163 million.
Source: X
In addition to these crypto giants, the publicly traded company SharpLink Gaming (NASDAQ: SBET), often referred to as the 'MicroStrategy of Ethereum,' purchased 79,949 ETH last week, increasing its total holdings to 360,807 ETH.
Data shows that this total holding has increased by 29% compared to the previous week.
From the acquisitions of institutions and crypto giants, competition for accumulating ETH seems to have begun.
ETH price momentum remains stable
However, these changes have not had a significant impact on the price of ETH, as the price has remained relatively unchanged in the past 24 hours.
As of the time of writing, the ETH price is holding at $3,682, with a slight increase of 0.90%. During the same period, the overall trading volume has decreased by 17%, indicating a decline in trader participation.
AMBCrypto's analysis found that as of the time of writing, ETH is in an upward trend, but due to its high price and an increase of over 35%, the asset is currently experiencing profit-taking.
It all started when ETH approached the key resistance level of $4,000.
Source: TradingView
Despite ongoing profit-taking, ETH did not face a significant price drop; instead, it continues to consolidate in a narrow range near the local support level of $3,650.
This level is a key area for both investors and traders.
According to the 4-hour timeframe, ETH has been supported at the level of $3,650.
If sentiment changes and the price falls below this support level, the asset could face an 8% drop, potentially reaching the $3,300 level.
On the other hand, if the price stays above the local support level, ETH still has room for upward movement and can retest the $4,000 level.
Key liquidation levels to watch
According to data from on-chain analysis firm CoinGlass, the main liquidation level that traders are showing strong interest in is the lower level of $3,359.7, where traders have established long positions worth $290 million.
On the upside, another key liquidation level is at $3,768.9, where traders have established short positions worth $589.17 million.
Source: CoinGlass
The indicator shows that traders appear bearish as they believe the king of altcoins is unlikely to break through the $3,768.9 level anytime soon.
