Crypto News

Ethereum’s Varied Signals: Whales Accumulate Amid Foundation Sales

Recent Ethereum (ETH) market dynamics reveal a mixed picture, with reports of both selling and accumulation activities among major holders.

Despite the Ethereum Foundation’s reported sale of 700 ETH for 1.684 million DAI at an average price of $2,422 over six days, whales are seizing the dip in ETH prices.

Whale accumulation today amounted to 26,841 ETH, equivalent to $64.5 million. Key transactions include a 7,779 ETH ($18.7 million) withdrawal from Binance by wallet 0x55C1 and 8,077 ETH ($19.4 million) withdrawn from Bitfinex by wallets 0xDa17 and 0x278f.

More ETH Withdrawals From Exchanges To Watch

Wallet 0x5a11 took out 3,228 ETH ($7.8 million) from Binance, while six new wallets collectively withdrew 7,756 ETH ($18.7 million) from Binance and Kraken.

Analyst Ali notes ETH is within a crucial demand zone, ranging between $2,388 and $2,460, suggesting potential upward movement if this support holds. However, a failure might lead to a retracement to the next significant support area at $2,000.

These varied activities underscore Ethereum’s complex market sentiment, with investors closely monitoring developments to gauge potential price trajectories.

The interplay between foundation sales and whale accumulation adds nuance, requiring traders to stay vigilant and adaptable.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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