Just when Bitcoin was plummeting, something magical happened on the Ethereum side. In the past 24 hours, several super whales went on a buying spree, purchasing a total of $279.5 million worth of ETH. Among them, one bold player even rolled over a principal of $125,000 to $6.99 million through a rolling position, achieving a 55-fold return, which is simply unbelievable.
The actions of these giant whales are not to be taken lightly; they are more astute than anyone else. Their decision to buy heavily at this time indicates strong confidence in the long-term value of Ethereum. From a technical perspective, ETH is firmly standing above $4,400, which is precisely supported by the 26-day moving average. Every time it drops to this level, there is robust buying support.
The fundamentals of Ethereum are indeed solid, with Layer 2 development booming and the DeFi ecosystem becoming increasingly prosperous. The amount of ETH locked in DeFi protocols has reached an all-time high, and the available ETH on the market is dwindling. Furthermore, institutions are continually increasing their holdings in Ethereum ETFs, bringing in a steady stream of new funds.
What is most anticipated is Ethereum's upcoming network upgrade, which will significantly enhance performance and user experience. The NFT market has recently shown signs of recovery, and Web3 applications are developing rapidly, making the entire ecosystem vibrant. Given the current momentum, it should only be a matter of time before ETH breaks through $5,000; the judgment of the whales this time may very well be correct.
