Ethereum Price Hints Major Reversal as Whales Buy 700,000 ETH Amid Market

Ethereum Price Analysis:

Read on for the latest Ethereum price trends as the crypto stabilizes at $3,509 after a recent dip to $3,364. This drop was caused by possible regulatory changes and massive purchases by whales.

HIGHLIGHTS

• The two trend lines i.e. bears and bulls in ETH price show that there is a symmetrical triangle pattern forming.
• The formation of a bullish break out from the triangle pattern will signal the current consolidation trend end.
• Ether’s intraday trading volume is $10.24 Billion – a 37% rise.

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Ethereum Price Rebounds on ETF Hopes and Whale Activity

In June’s first half, Bitcoin’s value declined significantly to $65000 following some unfavourable updates. The FUD about macroeconomic circumstances collateralized Bitcoin miners’ sell-off, ETF outflows, or whales’ distribution combined to drive the recent correction across most major cryptocurrencies including Ether. 

Ethereum price on Friday slumped to a week low of $3362 but there has been some easing off amid selling pressure over the weekend.

SEC’s Potential Approval of ETFs and Ethereum Whales Pump Up Price of the Coin

The Ethereum daily chart formed a new lower high at the $3,950 resistance level during the recent market downturn. 

Traders who were not able to put in any higher highs than the previous ones indicate that they are more inclined to sell on bullish bounces, thereby changing investors’ perceptions.

On 14th June, the coin reached $3,887 before plummeting down by 13.5% to reach a low of $3,364. The price level is also where the 100-day EMA is sitting which has now started to prop up Ethereum’s declining price thus pushing it towards $3,509. In addition, market capitalization has increased to reach $431.2 billion.

“SEC Chairman Gary Gensler’s recent statement before Congress suggesting that this agency could finalize approvals for listing and trading spot ETH exchange-traded funds (ETFs) over summer likely triggered this surge.”

Read more:- Ethereum Price Outlook

Ethereum Whales Accumulate $2.45B Despite Market Correction

Ali, a renowned trader, highlighted a significant trend in Ethereum today. Recent analysis reveals whales acquiring 700k ETH totalling $2.45bn for long-term investments.

Despite the ongoing correction, notable accumulation by large holders speaks volumes about their strong confidence in Ethereum bouncing back.

Should the broader market correction continue, ETH can break below $3200 and retest a long-established support trendline. It is worth noting that previously Ethereum rebounded at dynamic support three times counting for massive buy-ins from investors.

At present, there is a new resistance trend line forming above on the daily chart which may imply sideways trading for ETH. For buyers to retake charge and rally ETH back to $3900 we need an eruption beyond this hurdle

Technical Indicator:

• The 100- and 200-day EMAs provide dynamic support for ETH to prevent significant price drops.
• The MACD on MT5 signals selling pressure given the bearish crossover between the blue and orange lines.