CandleFocus Ethereum Mega Whales Ease Selling Pressure with $185 Million Accumulation
2024-09-24
Author: Content Editor
Since July, large crypto investors, known as whales, have been selling off Ethereum (ETH), causing its price to drop from $3,500 to $2,140. However, recent on-chain analysis indicates that these whales have now started accumulating ETH, with the number of addresses holding at least 10,000 ETH increasing from 918 to 925 in the last seven days. This accumulation suggests a more bullish environment for Ethereum, and the price has already started to appreciate, reaching $2,640. The Bulls and Bears indicators also support a further price hike, as more bulls have accumulated ETH than bears in the last seven days. The In/Out of Money Around Price (IOMAP) shows strong support for Ethereum at around $2,279, indicating the potential for a rally beyond $2,717 and even $3,037. However, if the whales or the Ethereum Foundation start selling off again, the price could decline below $2,500.
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