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Big Crypto Investors Purchase $35 Million Worth of Ethereum

Big Crypto Investors Purchase $35 Million Worth of Ethereum

Discover how big crypto investors injecting $35 million into Ethereum is reshaping its market dynamics
2 minutes
08.04.2024
Editor Satoshi`s Secrets
Big Crypto Investors Purchase $35 Million Worth of Ethereum: Implications on Price

In Brief

According to on-chain data, large crypto investors injected $35.11 million into Ethereum, propelling its price above $3,400. Eight wallets, potentially managed by a single entity, conducted strategic acquisitions totaling 6,144 ETH. Ethereum has established support around the $3,328 to $3,428 range, but could encounter resistance in case of price declines.

On-chain analytical platform Spot On Chain reveals that crypto whales have channeled $35.11 million in stablecoins into Ethereum (ETH), propelling its price past $3,400.

How Crypto Whales’ Activities Established a Strong Support For ETH Price

A closer look at the transactions reveals a strategic play. Eight crypto wallets, likely under a single entity’s control, deployed $20.86 million in USDT to purchase 6,144 ETH, averaging a price of $3,395.

“Notably, five wallets labeled “Address Group 1” were funded with USDT by wallet 0x065 while those from “Address Group 2” were funded with USDT by wallet 0x8ce. These two funding wallets, in turn, had made several transfers in USDT and ETH with one another; thus, likely belong to one entity,” Spot on Chain explained.

Moreover, another significant trade involved crypto wallet 0x5e9, which bought 4,178 ETH with $14.245 million in DAI, averaging $3,410 per ETH. This crypto whale previously earned a hefty profit of $7.48 million from trading activities in Ethereum and Wrapped Bitcoin (WBTC).

Now, focusing on market trends, the In/Out of the Money Around Price (IOMAP) chart shows Ethereum tightly bracketed by recent crypto whales’ transactions. Consequently, a robust support level has formed between $3,328 and $3,428. Here, about 3.13 million addresses acquired 5.78 million ETH, with an average price of $3,371.

If Ethereum dips below this support, it could face substantial resistance, potentially curtailing its upward momentum. Conversely, above this zone, resistance appears less daunting.

The next significant barrier spans from $3,433 to $3,534. At this level, 2.1 million addresses previously bought 1.6 million ETH, setting an average price of $3,499.

Ethereum IOMAP Chart. Source: IntoTheBlock

There is a possibility that certain investors may opt to sell at these price levels to offset their investments, potentially triggering a correction in Ethereum’s price. Consequently, these transactions play a crucial role in determining Ethereum’s short-term price direction.

However, according to Hitesh Malviya, the creator of the on-chain analytical platform DYOR, Ethereum appears to have established a local low point.

“After 17 days of re-accumulation period on ETH, the market price is finally moving above the fair price, indicating that we’ve found the local bottom and are ready to go up,” Malviya said.

DYOR asserts that its fair price model assists in estimating the intrinsic value of a token by analyzing supply and demand dynamics. Nonetheless, it is an experimental model and may entail a margin of error.

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