Ethereum Whales Make Significant 340 Million Purchase of ETH Buy or Sell Indicator
**Story Highlights**
Amid a market downturn, six major investors have collectively acquired 147,605 Ethereum (ETH), valued at approximately $340 million. This significant accumulation of ETH at a pivotal price point suggests a possible buying opportunity. Should ETH maintain its position above $2,300, it could experience a price surge of 13%, reaching the $2,850 mark.
**Whales Invest $340 Million in Ethereum**
In the wake of a turbulent cryptocurrency market on August 5, 2024, characterized by considerable volatility and investor anxiety, Lookonchain, an on-chain analytics firm, reported that six whales have made substantial purchases of Ethereum.
According to a recent update shared on X (formerly Twitter), during this market decline, five of these whales collectively bought 144,071 ETH for $331.11 million, averaging around $2,300 per token. Notably, the Nomad Bridge Exploiter purchased 16,892 ETH while it was priced at $2,353.
While some investors opted to liquidate their assets to protect their capital, others seized the opportunity to invest. The tweet highlighted the following transactions:
– Seven investors collectively spent $129.3 million in USDC to acquire 56,093 ETH at an average price of $2,305.
– A whale identified as 0x267e…f91e invested $101.97 million in USDC to purchase 44,653 ETH at $2,284.
Just an hour prior, another whale named James Fickel acquired 3,534 ETH for 9 million USDT, averaging $2,547. Fickel has a reputation for buying ETH at lower prices and selling at higher ones, and he certainly did not overlook this recent opportunity.
In addition to these investors, Justin Sun, the founder of HTX and TRON, also made significant additions to his ETH holdings during this downturn. The considerable accumulation of Ethereum by these whales and other investors indicates a potential buying opportunity.
**Ethereum Price Forecast**
Expert technical analysis suggests a bullish outlook for ETH, with a likely increase of 13% to reach $2,850 in the near future. For this upward trend to continue, ETH must hold above the $2,300 mark.
*Source: Trading View*
Conversely, if ETH fails to maintain this level and closes a daily candle below $2,300, it may face a significant decline.
**ETH Price Analysis**
As of now, ETH is trading around $2,500, having experienced an increase of over 4.5% in the last 24 hours. However, its trading volume has decreased by 60% during this period, indicating reduced participation from retail investors. Nonetheless, whales remain highly active in the current market conditions.
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Crypto news
Ethereum
Price Analysis