Ethereum whales took advantage of the recent dip by increasing their holdings by 180,000 ETH.
Market analyst Ali Martinez stated:
“Ethereum whales are buying the dip. The number of addresses with a balance greater than 1,000 ETH increased by 0.81%, adding 180,000 ETH to their holdings.”
Source:Glassnode
Therefore, whale transactions have been going a notch higher, as acknowledged by Santiment. The on-chain insight provider noted:
“Ethereum’s whales have been extremely active, firing off 2,596 transactions valued at $1M or more. This is the highest day of whale transactions since January, and something to monitor if ETH drops below $2k for the first time since last July.”
Source:Santiment
As fear engulfed the crypto market, heightened selling pressure drove Ethereum’s price to lows of $1,800. Data analytic firm IntoTheBlock acknowledged:
“Increasing selling pressure resulted in the price of ETH to hit $1,800. As investors rushed to sell their positions, the Gas has been increasing considerably, reaching 671.24 Gwei.”
Nevertheless, the second-largest cryptocurrency has topped the psychological price of $2,000.
Ethereum was up by 10.03% in the last 24 hours to hit $2,081 during intraday trading, according to CoinMarketCap.
Crypto analyst Rekt Capital believes ETH needs to reclaim the $2,250 level to enhance its bullish run. The analyst stated:
“ETH needs to reclaim black $2250 as support to avoid further downside. If it flips $2250 into new resistance, that would be the second Lower High to form after a -30% retrace from the previous Lower High.”
Source:TradingView
Martinez shared similar sentiments and noted:
“Ethereum is rebounding, but the gains could be capped at $2,200 where 477,000 addresses bought over 3.8 million ETH.”
Meanwhile, the Terra crash might cause a shift to cryptocurrencies that have stood the test of time like Ethereum.
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