Time to Buy ETH? Ethereum Whales $28.5M Worth of Ether
Author: Content Editor
Ethereum (ETH) is expected to continue its upward trend after a recent price decline, as investors and long-term holders are buying the dip. Four fresh crypto wallets, likely belonging to whales, purchased a significant amount of ETH from Binance worth $28.43 million. This purchase coincided with the altcoin's recovery after a notable decline. ETH has rebounded and reclaimed a crucial level after testing support at the 200 Exponential Moving Average (EMA) of $3,100. It is currently trading at around $3,475 with a 1.75% price surge in the past 24 hours. The trading volume has also increased by 10%, indicating heightened participation from traders and investors. A bullish pin bar candle formation at the support level suggests potential upside momentum, and experts believe that if ETH crosses the $3,500 level, it could surge by 17% to reach $4,000 in the near future. The market sentiment seems to favor the bulls, supporting the upward momentum.