Crypto Whales Purchase $357 Million in Ethereum Over Two Days
Four large investors, referred to as crypto whales, have purchased $357.24 million of ETH from FalconX in the past two days. This activity raises questions about the potential impact on ETH's price.
- The purchases were noted by an analyst from Arkham Intelligence, indicating similar buying patterns across four addresses.
- These transactions suggest the whales may be expecting a price increase and potentially influencing the market.
- Recent inflows into spot Ethereum ETFs reached $1.83 billion over five trading sessions, indicating heightened institutional interest in ETH and other cryptocurrencies.
- Ethereum is currently priced at $4,747, testing a critical support level that could indicate a market bottom if sustained.
- Previous bottom formations for ETH occurred at $4,320, $4,070, and $4,215 on August 26, 20, and 21, respectively.
- The current price action aligns closely with the 50-period exponential moving average on the four-hour chart.
Source: TradingView