In the midst of recent selling pressures impacting the Ethereum market, influential investors are seizing the opportunity to accumulate ETH in anticipation of future bullish trends. On-chain analyst Ali Martinez, in a recent update on X, highlighted the notable activity among Ethereum whales.
Martinez, citing data from Santiment, revealed that Ethereum whales have collectively purchased more than 700,000 ETH tokens over the past three weeks. This influx amounts to a substantial $2.45 billion injection into the market, despite ongoing downturns in ETH prices.
This follows Martinez’s earlier report where he detailed a single-day acquisition by these whales of 240,000 ETH tokens, valued at approximately $840 million, during a market dip to $3,434 per ETH. These whales typically hold between 10,000 and 100,000 ETH tokens, positioning them as significant players in the market dynamics.
During the peak of Ethereum’s price surge in late May, driven by heightened ETF activity, these whales’ buying activity stood out amidst the broader bullish sentiment. Subsequent market retractions only spurred further accumulation by these entities, as illustrated by recent upticks in their holdings during ETH’s retest of the $3,400 mark.
As of the latest data, ETH is trading at $3,563, reflecting a 3.5% decline from the previous week’s valuation but retaining a notable 18% gain over the past month.
Martinez also pointed to the TD Sequential technical indicator, which recently issued a buy signal on the Ethereum daily chart. This signal suggests potential for a rebound spanning one to four daily candlesticks. Current market movements support this projection, with ETH showing a modest 1% increase in the past 24 hours.
In summary, while Ethereum faces market pressures, the strategic accumulation by whales underscores confidence in the asset’s long-term prospects, potentially signaling a pivot towards renewed bullish sentiment in the near future.
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