Ethereum Whales Accumulate 394K ETH Worth $1.37B in Three Days

Ethereum is striving to stabilize after a recent selloff dropped its price below $3,100. Despite this volatility, large investors, known as whales, are accumulating ETH, indicating confidence in the network's fundamentals.

Ethereum briefly fell to multi-week lows but found support, with bulls aiming to reclaim the $3,350 level.
Whales have accumulated 394,682 ETH, worth approximately $1.37 billion, over three days, suggesting anticipation of a market rebound.
This accumulation indicates confidence in future gains and aligns with historical patterns where whale buying precedes rebounds.
The 200-day moving average acted as a support during the decline, and Ethereum is currently trading around $3,380.
A break above the $3,500–$3,600 resistance could lead to recovery toward $3,800.
If Ethereum fails to maintain above the 200-day MA, it may face further declines towards $3,000 or $2,850.

Understanding these dynamics can help assess Ethereum's potential for recovery and the market's overall sentiment.