Amidst the struggling cryptocurrency market, the overall cryptocurrency market has massively plunged in the last 24 hours. During this situation, crypto whales appear bullish and are heavily accumulating. On April 25, 2024, an on-chain analytic firm, SpotOnChain, made a post on X (previously Twitter), stating that despite the massive fall in Ethereum (the world’s 2nd biggest cryptocurrency), whales appear to remain bullish.
Whales bullish on Ethereum
SpotOnChain also shared data indicating that since the opening of the Asian market, a Crypto Whale has spent over $4.19 million of stablecoins to buy 1,524 Ethereum at an average of $3,159. In the last 11 hours alone, the same whale added nearly 3,000 Ethereum worth $10 million with an average price of $2,991. With this massive buying activity in the last 11 hours, this whale currently holds over 3,384 Ethereum worth $10.7 million, with an unrealized profit of approximately $361K.
Additionally, two more whales have added a massive over 8,928 Ethereum worth $28 million with an average price of $3,111 and $3,170, respectively, from the world’s biggest cryptocurrency exchange, within the last 16 hours.
However, all these massive accumulations were done during a period when the market experienced a massive fall. This significant accumulation also highlights the whales’ and investors‘ interest in Ethereum amid the potential approval of a spot Ethereum ETF. Furthermore, these whales consider this an opportunity to continuously accumulate ETH and many other assets as well.
Ethereum price performance analysis
Currently, Ethereum is trading near $3,115, and in the last 24 hours, it has experienced over 4% downside momentum. If we look at Ethereum’s performance over a longer period, in the last 7 days, despite a massive fall in the market, it managed to surge over 3%. Whereas, in the last 30 days, it experienced nearly a 10% downside momentum.
According to expert technical analysis, Ethereum is currently looking bearish as it is trading below the lower level of the past 4 trading days. If the daily time frame gives a closing below this level, then there is a high possibility that in the coming days, the price will hit the $2,980 level. However, there is also a chance that it may touch the 200 EMA (Exponential Moving Average) which is at the $2,750 level.
