Ethereum

Dogecoin

In the last five days, the overall cryptocurrency market has experienced a notable downturn, especially Ethereum (ETH). Amid this, some investors sold their holdings while others took the opportunity to accumulate tokens at lower prices. During this price drop, crypto whales bought over 240,000 ETH worth $840 million. This massive purchase garnered significant attention from investors and institutions. The same information was shared by trader and crypto analyst Ali on X. Whales buy $840 million of ETH amid price drop 
This significant ETH accumulation highlights investors’ and traders’ interest in Ethereum amid the price drop. The potential reason behind this massive accumulation is the recent approval of a spot Ethereum ETF (Exchange Traded Fund) in the United States by the Securities and Exchange Commission (SEC) on May 23, 2024.
Whales have bought over 240,000
However, this massive accumulation is not only observed in Ethereum but also in Bitcoin. Today, on June 12, 2024, it was reported that investors have withdrawn a massive 14,140 Bitcoin worth $954.5 million from cryptocurrency exchanges, as reported by <a href="https://news.todayq.com/are-bulls-back-954-mln-of-bitcoin-withdrawn-from-exchanges/" rel="noopener noreferrer nofollow">Todayq News</a>. This accumulation of both Bitcoin and Ethereum suggests a potential bull run in the coming days.
Following this significant Ethereum accumulation, its impact was not immediately reflected in the price of ETH. Currently, Ether is trading near $3,540, and in the last 24 hours, the price has remained stable. Over a longer period, Ethereum experienced a decent 7% decline in the last seven days. However, in the last 30 days, Ether’s price remained up due to the ETF approval. Ethereum technical analysis and key levels 
According to expert technical analysis, Ether is looking bearish, but the recent accumulation may change the sentiment. Currently, Ether is facing resistance at the 200 EMA in the 4-hour timeframe. If Ether’s 4-hour candle closes above the $3,570 level, the bearish sentiment may turn bullish. If not, we may see further price declines in the coming days.
As of now, the overall cryptocurrency market is turning green after a long period. According to CoinMarketCap, the cryptocurrency market is up by 1%, with Bitcoin experiencing a 1.5% upside move. Other top cryptocurrencies like BNB, Solana (SOL), and Dogecoin (DOGE) experienced 0.5%, 1.3%, and 1.5% downside momentum, respectively.

Ether whales buy $840M of ETH amid price dip, What does it mean?

Todayq News

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