Ethereum

2024

Bitcoin

April

<p>The Ethereum (ETH) price tanked all the way to $3,400 on Wednesday, April 10, after the US reported <a href="https://coingape.com/breaking-bitcoin-breaks-key-support-as-us-cpi-comes-in-hot-at-3-5/" target="_blank" rel="noopener noreferrer nofollow">red-hot CPI data</a> for the month of March. However, ETH has recovered well since then scaling past $3,550 once again as of press time. This ETH price recovery happens against the backdrop of a strong whale accumulation taking place.</p>
<h3 id="eth-whale-accumulation">ETH Whale Accumulation</h3>
<p>Citing <a rel="noopener noreferrer nofollow" href="https://t.co/41366OnM5Y" target="_blank">data</a> from Etherscan, Lookonchain reported that a whale in cryptocurrency markets purchased a substantial amount of Ethereum (ETH). Approximately 10,309 ETH, equivalent to $35.82 million, was acquired just two hours ago during a period of market downturn.</p>
<p>This purchase follows another significant investment made by the same investor earlier on April 8th. At that time, they bought 10,643 ETH, valued at approximately $36.75 million, prior to a notable rise in the price of Bitcoin (BTC).</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">A whale bought 10,309 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($35.82M) 2 hours ago at the bottom of the market drop.</p>
 <p>And he also bought 10,643 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($36.75M) before <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> rose on Apr 8.<a href="https://t.co/41366OnM5Y" rel="noopener noreferrer nofollow">https://t.co/41366OnM5Y</a> <a href="https://t.co/hhJLDOQf1L" rel="noopener noreferrer nofollow">pic.twitter.com/hhJLDOQf1L</a></p>
 <p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1778116721150403064?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 10, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>These acquisitions suggest bullish sentiment from the investor, positioning themselves strategically during market fluctuations to capitalize on potential future price movements.</p>
<p>On the other hand, as reported by CoinGape, the <a href="https://coingape.com/ethereum-futures-calls-on-rise-eth-price-reversal-soon/" target="_blank" rel="noopener noreferrer nofollow">Ethereum open interest</a> is on the rise again along with the futures call, thus hinting at bullish momentum for ETH going ahead. Analysts are hopeful that this Ethereum price recovery can sustain further up to $4,000.</p>
<h3 id="ethereum-price-levels-to-watch">Ethereum Price Levels to Watch</h3>
<p>Ethereum is currently hovering around the $3,500 mark, closely tracking the 100-hourly Simple Moving Average. Immediate resistance lies near the $3,600 level or the 61.8% Fibonacci retracement level. The primary hurdle is anticipated near $3,650, followed by a significant resistance at $3,725, and a further obstacle at $3,780. A breakthrough above $3,800 could pave the way for bullish momentum.</p>
<p><img decoding="async" class="aligncenter size-full wp-image-190919" src="https://coingape.com/wp-content/uploads/2024/04/ETHUSD.webp" alt="" width="1024" height="461" srcset="https://coingape.com/wp-content/uploads/2024/04/ETHUSD.webp 1024w, https://coingape.com/wp-content/uploads/2024/04/ETHUSD-300x135.webp 300w, https://coingape.com/wp-content/uploads/2024/04/ETHUSD-768x346.webp 768w, https://coingape.com/wp-content/uploads/2024/04/ETHUSD-150x68.webp 150w" sizes="(max-width: 1024px) 100vw, 1024px"></p>
<p>However, failure to surpass the $3,600 resistance may trigger a downturn. Initial support is expected near $3,520, with a more substantial support level of around $3,500. Further downside movement could lead to a test of the $3,400 zone.</p>
<p>The post <a href="https://coingape.com/ethereum-whale-accumulates-10309-eth-amid-dip-eth-price-bounces-back/" rel="noopener noreferrer nofollow">Ethereum Whale Accumulates 10,309 ETH Amid Dip, ETH Price Bounces Back</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Ethereum Whale Accumulates 10,309 ETH Amid Dip, ETH Price Bounces Back

Table of Contents

Coingape News Media

Other articles published on Apr 11, 2024

Analyst’s Bold XRP Outlook: Ripple's Strategy Amidst Volatility and Market Scrutiny

Montenegrin court approves Do Kwon’s extradition once again

Bitcoin derivatives metrics suggest $70K is here to stay

Honkai: Star Rail 2.1 Unveils New Light Cones and Exciting Features

This Ethereum-Related Coin Has 'Nasty Price Moves,' Trader Warns

XRP’s Performance and Expectations Against Bitcoin

Join our free newsletter for daily crypto updates!