As Ethereum ($ETH ) ’s price has dipped below the $2,000 mark, significant whales have started accumulating Ethereum. In the last 3 days, almost 120,000 ETH has been purchased, which is approximately $236 million.
Whales Accumulation
A whale employed a DeFi strategy in order to enhance their holdings. The investor transferred 4,511 ETH from the OKX to the Aave protocol. Later, borrowed $5 million in USDT against their holdings and then utilized them to acquire an additional 2,563 ETH on OKX.
These transactions were carried out between $1,872 and $2,060. This way it was a very clever strategy to capitalize on the market’s decline.
How Is It Affecting The Market?
This vigorous accumulation by the whales shows a change in market dynamics. These behaviors often precede price rallies as the investors forecast high prices. Currently, ETH is trading at $1,984, which is below the resistance level.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show bullish tendencies. The RSI is at 41.61 and the MACD histogram depicts upward momentum.
Wrapping Up
These recent whale activity shows strategic developments to the market dynamics, with major investments made during price dips. This signals confidence in ETH’s long-term potential, but the investors are advised to keep an eye out for various market indicators before investing.
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