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<p class="is-style-lead">Ethereum whales have taken advantage of ether’s dip below the $1,700 region to accumulate millions of dollars worth of ETH in the last 24 hours, according to on-chain data released by Spot on Chain. </p>



<p>While market <a href="https://crypto.news/bitcoin-on-chain-metrics-suggest-an-early-bull-market/">analysts</a> and <a href="https://crypto.news/bitcoin-transitions-into-bull-market-after-bottoming-analysis-shows/">on-chain metrics</a> recently suggested that the cryptocurrency markets have entered an early bull season, the regulatory onslaught embarked upon by the US regulatory watchdog, the Securities and Exchange Commission (<a href="https://crypto.news/mark-cuban-calls-for-simplified-sec-crypto-regulations/">SEC</a>) has effectively delayed that transition.</p>



<p>The price of ether, the world’s second-largest cryptocurrency crashed to the $1,626 mark on June 15, its lowest ebb in as many months, presenting a juicy opportunity for investors to increase their ETH stashes.</p>



<p>Per on-chain data by Spot on Chain, crypto whales have accumulated millions of dollars worth of ETH and staked ETH (stETH) in the past 24 hours as investor confidence gradually returns to the markets.</p>




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<p>According to the researchers, a wallet address belonging to an unnamed whale swapped 20 million USDT stablecoin for 12,100 stETH at an average price of $1,652 over 25 hours ago. In the same vein, a whale named bobby1337.eth swapped 2M USDT for 1,200 units of stETH at an average price of $1,672 over 12 hours ago.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">🚨🚨 Whales are seeing opportunities in <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> and <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$stETH</a> during market downtime:<br><br>&#8211; Whale 0x655 swapped 20M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> for 12.1K <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$stETH</a> at $1,652 on avg 25 hrs ago.<br><br>&#8211; boby1337.eth swapped 2M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> for 1.2K <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$stETH</a> at 1,672 on avg 12 hrs ago.<br><br>&#8211; Hashkey received 4.5K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a>… <a href="https://t.co/vndj5WLZJ8" target="_blank">pic.twitter.com/vndj5WLZJ8</a></p>&mdash; Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1669595591096283136?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 16, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="ethereum-price-analysis">Ethereum price analysis </h2>



<p>The price of ETH has experienced an increase of 2.15% in the past 24 hours. With a current price of $1,668.75, ETH is down by -9.52% in the past seven days. Ether currently has a market capitalization of $200,597,004,866 and a circulating supply of 120 million ETH.&nbsp;</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="&quot;This CRASH Is Just The Beginning...&quot; Kevin O&#039;Leary INSANE New Bitcoin &amp; Ethereum Prediction" width="1020" height="574" src="https://www.youtube.com/embed/fa4mIzSSd7o?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>The recent  ETH price decrease below the critical support level of $1,700 suggests a possible bearish trend in the near term. The next level of support to watch out for is $1,500. If ETH fails to hold the support level of $1,500, the price may further crash toward the $1,000 level. </p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="1024" src="https://crypto.news/app/uploads/2023/06/aETH2-1024x1024.jpeg" alt="Ethereum whales are aggressively buying the dip  - 1" class="wp-image-14170166"><figcaption class="wp-element-caption">Ether price | Source: CoinGecko</figcaption></figure>



<p>However, the Relative Strength Index (RSI) indicator shows a value of 24.43 on the daily timeframe. This suggests that ETH is oversold at the moment. It remains to be seen whether ETH will reverse to the upside or continue its freefall.</p>




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        Read more:

        <a href=" https://crypto.news/sec-emails-show-multiple-officials-examining-ethereum-in-2018/">
            SEC email shows multiple officials examining Ethereum in 2018        </a>
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<p></p>

Ethereum whales are aggressively buying the dip

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