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Whales have been buying this currency aggressively over the past 24 hours.

Over the past 24 hours, Ethereum (ETH) saw a large inflow of nearly $57 million, driven primarily by crypto whales despite the prevailing bearish sentiment in the market as a whole.

This development comes at a time when the price of Ethereum is struggling

To maintain an upward momentum.

Examine Ethereum Whale Activities

According to Spot On Chain, the buying spree included several large transactions. These transactions highlight a potential strategic position or response to current market conditions.

In particular the whales 0x3d4, which I pulled Recently, 8,877 ETH from Binance, worth approximately $29 million, based on a price of $3,267 per ETH. The move marks the whale's second major investment in Ethereum, after withdrawing 14,877 ETH from the same exchange.

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

With Ethereum price now averaging $2,863 per hold, this equates to... Pisces Possessions About $48.68 million. This indicates an unrealized gain of $6.02 million, or 14.1%.

and at the same time , Retract A new player in the market, Whale 0x0d7, 1,800 ETH worth around $5.71 million from Binance. This is the wallet's first recorded transaction, signifying a potentially large new player in the Ethereum market.

Another major trade was in 0x435 whales, which I pulled 7,128 ETH, which corresponds to approximately $22.2 million. This pullback occurred while Ethereum was trading at $3,111.

Notably, this transaction once again pushed the whale into a loss, as the subsequent 5.12% drop in Ethereum price over the next 12 hours worsened its financial situation. This whale's broader trading history shows a pattern of strong accumulation and recent losses, with a net loss of $9.98 million, or -1.9%.

These coefficients highlight a broader trend that the activities of large whales are not always directly linked to financial results. For example, while 0x435 whales see losses, 0x3d4 whales see gains. This situation illustrates the diversity of strategies and outcomes inherent in high-risk crypto investments.

Ethereum's latest technical analysis adds another layer of intrigue. The BeInCrypto analyst explained that after touching the 0.382 Fibonacci support level at around $2,867, Ethereum showed resilience by bouncing back.

However, it faces major hurdles, with the 50-day exponential moving average (EMA) at around $3,277 and further resistance near the $3,320 and $3,650 Fibonacci levels.

A break above these levels could signal a reversal of the current downtrend.

“A breakout of the parallel descending channel would signal a reversal in Ethereum's uptrend. In such a scenario, Ethereum would likely aim for or surpass its previous high of around $4,095,” the BeInCrypto analyst wrote.

Contrary to these optimistic technical indicators, the immediate market reaction was less favorable. Ethereum price recently fell to $3,106, recording a decline of 4.52% during the day.

Read more: Ethereum (ETH) Price Forecast for 2024, 2025, 2026, 2027

Ethereum (ETH) price performance.
Ethereum (ETH) price performance. Source: BeInCrypto

As these whale transactions unfold, their impact on Ethereum market dynamics will be closely monitored. Historically, significant whale activity, whether buying or selling, has served as a leading indicator of potential changes in the market, signaling upcoming volatility or predicting potential stability.

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الأسواق,أخبار الإيثيريوم (ETH)