Ethereum Whales Buy $440 Million Worth of ETH – and Prepare for a Rally
Contributor
- Ethereum whales have accumulated over 126,000 ETH worth $440 million in 48 hours.
- However, metrics suggested a possible trend reversal.
Exchange activity is increasing
In parallel with whale accumulation, exchanges have seen an increase in activity. Major platforms have seen an increase in ETH trading volume, according to data from IntoTheBlock.
Source: IntoTheBlock
Despite the significant accumulation by Ethereum whales, its price has yet to see a significant increase. Since the 10% increase in the week of the ETF approval, ETH has fallen by 6.83% to the price at press time of $31.73.
Recently, ETH approached a key support level at $3068. Bearish pressure eased as it approached this level, indicating a reversal as major players could push prices higher for a bullish rally.
The RSI (Relative Strength Index) indicator was at 16.85 at press time, approaching the oversold region. This is a potential signal of a bullish price reversal.
