Ethereum Whales Buy $19 Million Worth of ETH – A Bullish Sign
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- Ethereum’s RSI indicates it is oversold, suggesting a bullish trend may emerge.
- CryptoQuant’s Ethereum inflow has reached its lowest point in the past month—a potential buying signal.
[ETH], representing the second-largest cryptocurrency globally, experienced a notable decline following the introduction of ETH ETFs in the U.S.
Two significant wallets capitalized on the falling ETH prices on September 2. They utilized stablecoins borrowed from Aave. In total, they purchased **7,767 ETH**, amounting to approximately **$19.22 million**.
Buy/Sell Sentiment Reflected by Whale Activity
Lookonchain highlighted on X (formerly Twitter) that whale address “0x761d” acquired **3,588 ETH**, valued around **$8.8 million** within just one day; another wallet procured **4,180 ETH** valued at approximately **$10.42 million**.
The increase in ETH accumulation during this market downturn suggests promising buying opportunities ahead.
Expert insights confirm that eth is currently trading below its daily 200 Exponential Moving Average signaling an ongoing downtrend.
The recent breakdown from a rising wedge pattern leaves room for potential declines towards support levels near $2,200 unless trades can close a daily candle above $2,600 soon.
Despite certain downward pressures indicated by price action:
Currently poised indicators like Relative Strength Index hint at an oversold situation suggesting actionable trade reversals might be beneficial shortly.
“On-chain Metrics Back Up Bullish Projections”
Data leaning toward stronger accumulations highlight ongoing metrics depicting bullish sentiments regarding ether stability moving forward. CryptoQuant reveals Ethereum exchange inflows marking minimal aggregates over last month—often perceived as buy indications.
Increased inflows generally hint higher selling pressure particularly within spot markets—as opposed to movements otherwise suggested.
