CandleFocus Ethereum Whale Activity Spikes To 6-Week High – Smart Money Accumulation?
2024-10-27
Author: Content Editor
Ethereum has experienced a drop of over 13% since Monday, causing concerns among investors. However, on-chain data reveals that whale activity in Ethereum has surged to a six-week high, suggesting potential accumulation by whales. This pattern is seen as a bullish signal and indicates confidence in a future recovery. The next few days will be crucial for Ethereum, as investors wait to see if the price stabilizes or further declines. Despite the recent retracement, sentiment among investors and analysts remains bullish due to the increase in whale activity. If accumulation continues, it could drive upward momentum and validate the long-term bullish outlook. Ethereum's current price is at $2,466, and a push above $2,550 is necessary for bulls to regain control. Failure to rise could lead to a prolonged consolidation or deeper correction. The $2,550 level and the 200-day EMA are key milestones for sustaining an uptrend in the near term.
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