- 7,074 ETH whale accumulation represents strong institutional trust in Ethereum.
- Ethereum’s slow turnaround and increased higher lows sustain constructive market sentiment.
- Increased ETH Aave transfers mark ongoing liquidity redistribution and accumulation.
The price of Ethereum experienced extreme fluctuations, initially dropping sharply only to bounce back into a robust bullish trend. The asset kept recovering incrementally, registering higher highs and higher lows, reflecting steady buying pressure and positioning it at the psychological $2,000 mark.
Market Data Overview
Ethereum’s price remained stagnant before the sharp drop at around 4:00 PM, dropping below $1,940. The bearish action did not persist, however, as Ethereum recovered, ranging into a tighter band and forming higher lows. Further bullish pressure by 8:00 PM had the price breaking past $1,970 and extending further upwards.
Source: CoinMarketCap
Trading volume picked up as Ethereum neared $1,980, briefly challenging the resistance of $1,990. Market volatility increased, with sharp dips within short time frames. Unrelenting buying pressure pushed Ethereum nearer to the significant $2,000 mark, further fueling bullish momentum.
Ethereum was trending upward with higher highs and higher lows. Robust support at $1,930 fended off a deeper correction, and resistance at $1,990 remained a hurdle. With continued accumulation, Ethereum’s setup had good prospects for higher gains if bulls could sustain momentum.
On-Chain Transactions Support Bullish Outlook
Breakdown by Lookonchain indicates significant whale activity driving Ethereum’s rally. A whale bought 7,074 ETH for $13.8 million, reflecting positive institutional sentiment. 4,511 ETH were initially withdrawn from OKX and later deposited on Aave. These were used as collateral, against which the whale borrowed $5 million to buy 2,563 ETH.
Further trades display continuous liquidity redirectional support driving Ethereum’s upward movement. Large trades, like 2.56K ETH to WrappedTokenGateway of Aave, prove strong belief in the markets and considerate investment. The whale’s continued investment with Ethereum on recovery implies further upward potential.
Source: Lookonchain
Lookonchain data shows broader institutional accumulation trends, with substantial Ethereum transactions by Aave and OKX. These moves show positioning by institutional investors, supporting Ethereum demand in centralized and decentralized markets. Ethereum can keep gaining strength if this trend continues, breaking resistance levels and fueling growth.
