Ethereum

Flow

Boost

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum whales have accumulated over 700,000 ETH, equating to approximately $2.45 billion, in the past three weeks.</li>
 <li>Despite the recent price dip, network growth and ETH trade velocity have significantly declined.</li>
</ul>
<p>Despite the recent price dip, <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) continues to attract large-scale investors, also known as whales.</p>
<h2 id="ethereum-whales-on-a-buying-spree">Ethereum Whales on a Buying Spree</h2>
<p>Data indicates that these whales have amassed more than 700,000 ETH in the past three weeks.</p>
<p>This equates to a total of roughly $2.45 billion.</p>
<p>The significant buying activity suggests that these investors see the recent price dip as an opportunity and are confident in Ethereum’s long-term potential.</p>
<p>Their actions could help maintain the stability of Ethereum’s price.</p>
<p>At the time of reporting, ETH was trading at $3,569.40.</p>
<p>After briefly dropping below the $3,400 mark, the price of ETH rebounded, likely due to the whales’ eagerness to accumulate more ETH.</p>
<h2 id="eth-price-trends-and-predictions">ETH Price Trends and Predictions</h2>
<p>Despite the recent price increase, it wasn’t significant enough to disrupt the bearish trend established after May 27th.</p>
<p>Following the double top pattern during this period, ETH’s price experienced multiple lower lows and lower highs.</p>
<p>A substantial bullish momentum would be required for ETH to break out and reach new heights.</p>
<p>However, the Chaikin Money Flow (CMF) for ETH has been observed to be declining, indicating a decrease in money flow into ETH and painting a bearish picture for its future.</p>
<p>Contrary to the CMF, the Relative Strength Index (RSI) for ETH has significantly increased over the past few days, suggesting a rise in bullish momentum.</p>
<p>If this continues, ETH could potentially test the $3,607.30 resistance level again.</p>
<h2 id="on-chain-data-analysis">On-chain Data Analysis</h2>
<p>Analysis of on-chain data reveals a decline in the network growth for ETH.</p>
<p>This suggests that the number of new addresses showing interest in ETH has significantly dropped in recent days, indicating a reluctance to buy ETH even at current discounted prices.</p>
<p>Additionally, the velocity of ETH trades has also decreased, which is not a positive indication.</p>

Ethereum’s Future: Can Increased Whale Activity Boost Its Value?

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CoinEagle.com

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