Ethereum

Millions

BlackRock

<ul> 
 <li aria-level="1">BlackRock invested $109.9 million in Ethereum on August 6th, indicating strong buying activity amidst market fluctuations.</li> 
 <li aria-level="1">Grayscale ETHE ETF experienced outflows, contributing $39.7 million to market sell pressure on the same day.</li> 
</ul> 
On August 6th, BlackRock invested $109.9 million in Ethereum, following a $47.1 million purchase the previous day, reflecting increased acquisition during the market’s downturn. 
 This investment occurred after a brief pause on August 2nd when market pressures peaked. Such transactions are critical indicators of <a href="https://www.ethnews.com/why-ethereums-next-move-could-shock-crypto-traders-insider-secrets-revealed/">institutional confidence in Ethereum</a> during periods of price adjustments. 
<figure id="attachment_85827" aria-describedby="caption-attachment-85827" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85827" src="https://www.ethnews.com/wp-content/uploads/2024/08/ETFs-bitcoin.jpg" alt="ETFs-bitcoin" width="582" height="563">
 <figcaption id="caption-attachment-85827" class="wp-caption-text">
 Source: farside.co.uk
 </figcaption>
</figure> 
Exchange Traded Funds (ETFs) have been active in the <a href="https://www.ethnews.com/270000-traders-liquidated-what-no-one-tells-you-about-ethereum/">Ethereum market</a>, influencing demand for ETH. For instance, while BlackRock has been purchasing Ethereum, the Grayscale ETHE ETF, which charges an annual fee of 2.5%, has been seeing outflows. 
On August 6th, it contributed $39.7 million to selling pressure. Although these outflows have decreased compared to the previous week, they indicate a continued hesitance to sell at lower prices. 
<figure id="attachment_85831" aria-describedby="caption-attachment-85831" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85831" src="https://www.ethnews.com/wp-content/uploads/2024/08/ITB_eth_historical_concentration_ethereum_2024-08-07T11_06_44.046Z.png" alt="ITB_eth_historical_concentration_ethereum_2024-08-07T11_06_44.046Z" width="1200" height="800">
 <figcaption id="caption-attachment-85831" class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
</figure> 
In terms of <a href="https://www.ethnews.com/why-now-might-be-the-perfect-time-to-buy-ethereum-industry-expert-weighs-in/">Ethereum holdings</a> across different investor classes, data shows a divergence. Whales increased their holdings to 57.13 million ETH, while retail and smaller investors slightly decreased their shares. Specifically, retail holdings shifted marginally from 65.43 million ETH to 65.39 million. 
<figure id="attachment_85835" aria-describedby="caption-attachment-85835" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85835" src="https://www.ethnews.com/wp-content/uploads/2024/08/ITB_eth_addresses_by_holdings_ethereum_2024-08-07T11_16_48.876Z.png" alt="ITB_eth_addresses_by_holdings_ethereum_2024-08-07T11_16_48.876Z" width="1200" height="800">
 <figcaption id="caption-attachment-85835" class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
</figure> 
Address analysis further categorizes Ethereum distribution: the number of addresses holding between 100,000 to 1 million ETH decreased from 93 to 92, and those with 10,000 to 100,000 ETH dropped by 32 addresses. 
<figure id="attachment_85839" aria-describedby="caption-attachment-85839" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85839" src="https://www.ethnews.com/wp-content/uploads/2024/08/GUYOiWtXAAE5teK.png" alt="" width="1200" height="563">
 <figcaption id="caption-attachment-85839" class="wp-caption-text">
 Despite the volatility in the markets recently, staked #Ethereum holders have remained firm and staking continues to be at an all time high of 33 755 845 #ETH.
 </figcaption>
</figure> 
Conversely, addresses with 10 to 100 ETH increased from 281,750 to 282,530, suggesting small-scale investors are marginally increasing their holdings. 
<div class="cryptoboxes" id="mcw-12523" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="ETH" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
As of the latest ETHNews data, Ethereum (ETH) is trading at $2,317.81, reflecting a 3.80% decrease in the past 24 hours. Let’s delve into a detailed technical analysis: 
<h2 id="b-price-movement-and-trend-b">Price Movement and Trend</h2> 
<figure id="attachment_85811" aria-describedby="caption-attachment-85811" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85811" src="https://www.ethnews.com/wp-content/uploads/2024/08/ETHUSD_2024-08-07_12-53-43.png" alt="ETHUSD_2024-08-07_12-53-43" width="1304" height="842">
 <figcaption id="caption-attachment-85811" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Ethereum has shown a robust upward movement, currently oscillating within the day’s range of $2,218.87 to $2,552.31. This indicates a healthy bullish trend. The significant increase from the previous close of $2,418.87 to the current price demonstrates strong buying pressure. 
<h3 id="b-volume-and-market-activity-b">Volume and Market Activity</h3> 
<figure id="attachment_85815" aria-describedby="caption-attachment-85815" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85815" src="https://www.ethnews.com/wp-content/uploads/2024/08/ETHUSD_2024-08-07_12-59-46.png" alt="ETHUSD_2024-08-07_12-59-46" width="1304" height="842">
 <figcaption id="caption-attachment-85815" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
The 24-hour trading volume stands at $30.65 billion, indicating substantial market activity and liquidity. High trading volumes are generally a positive sign, as they suggest that there is considerable interest and confidence in the asset among traders and investors. 
<h3 id="b-support-and-resistance-levels-b">Support and Resistance Levels</h3> 
Ethereum’s current trading zone suggests immediate support around the $2,400 mark, which has been tested and held multiple times. The next major resistance level is at $2,600. If ETH can break through this resistance, it could potentially target higher levels around $2,700 and beyond. 
<h3 id="b-moving-averages-and-indicators-b">Moving Averages and Indicators</h3> 
<figure id="attachment_85819" aria-describedby="caption-attachment-85819" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85819" src="https://www.ethnews.com/wp-content/uploads/2024/08/ETHUSD_2024-08-07_13-01-14.png" alt="ETHUSD_2024-08-07_13-01-14" width="1304" height="842">
 <figcaption id="caption-attachment-85819" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">50-day Moving Average (MA): Ethereum is trading above its 50-day MA, reinforcing the bullish trend.</li> 
 <li style="font-weight: 400;" aria-level="1">200-day Moving Average (MA): The price is also well above the 200-day MA, suggesting long-term bullish momentum.</li> 
</ul> 
<h3 id="b-relative-strength-index-rsi-b">Relative Strength Index (RSI)</h3> 
<figure id="attachment_85823" aria-describedby="caption-attachment-85823" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85823" src="https://www.ethnews.com/wp-content/uploads/2024/08/ETHUSD_2024-08-07_13-02-11.png" alt="ETHUSD_2024-08-07_13-02-11" width="1304" height="842">
 <figcaption id="caption-attachment-85823" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
The RSI currently hovers around 20, indicating that Ethereum is approaching overbought territory. This might suggest a potential pullback or consolidation period in the near term before continuing its upward trajectory. 
The post <a href="https://www.ethnews.com/ethereums-big-shake-up-whos-buying-millions-and-whos-selling-out/">Ethereum’s Big Shake-Up: Who’s Buying Millions and Who’s Selling Out?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Ethereum’s Big Shake-Up: Who’s Buying Millions and Who’s Selling Out?

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