Ethereum Prepares for Rally as Whales Invest $135 Million
As the market anticipates the Federal Open Market Committee meeting, Ethereum (ETH) struggles to maintain support at the $4,000 level. Despite recent volatility, analysts suggest potential for a price discovery rally.
Key Ethereum Price Insights
- ETH fell below $4,000, reaching $3,926 after a two-day low.
- The cryptocurrency failed to reclaim the $4,200 resistance throughout October.
- An interest rate announcement from the Federal Reserve could impact ETH's volatility.
- Analyst Daan Crypto Trades highlights $4,100 as a critical level for bulls.
- Crypto Yhodda and Crypto Jelle predict an upcoming bullish run, targeting $8,000.
Whale Activity in Ethereum Market
- Large investors continue purchasing despite ETH's recent pullback.
- Whales acquired 218,470 ETH recently, indicating renewed market interest.
- New addresses received 33,948 ETH, valued at $135 million, from FalconX.
- BitMine's holdings now exceed $14.2 billion, with substantial ETH and BTC assets.
- BitMine aims to own 5% of Ethereum's total supply, currently holding 2.75%.
Currently, ETH trades at $3,990, marking a 3.5% daily decrease.
