- A major Ethereum whale purchased 132,536 ETH (worth nearly $39 million) on the 22nd of June despite ETH’s poor performance.
- Ethereum is currently trading below key support at $2,248, with experts warning of potential deeper losses if it fails to recover quickly.
An Ethereum whale has made a massive buy despite Ethereum’s crashing price. The whale purchased about 17,070 ETH worth approximately $39 million.
While the price of the token dropped significantly and Bitcoin showed more resilience, this bold whale move shows the strong confidence investors have in the token’s long-term value. The unexpected buy has sparked discussions across the crypto space, with many questioning whether a rebound could be near.
Ethereum Whale Strategic Accumulation
On the 22nd of June, an Ethereum wallet address identified as 0x7355…213 made a 132,536 ETH buy valued at nearly $39 million. This fresh accumulation increased the wallet’s total Ethereum holdings to about $330 million.
One of the things that has caused many to wonder was that during the course of this buy, Ethereum was trading as one of the lowest-performing cryptocurrencies within the 24-hour time frame. This belief in the token despite negative sentiment shows investors’s strong confidence in Ethereum’s future.
The move has caught the attention of traders and analysts, who are now watching to see if this buying activity could signal a shift or rebound in the market.
Ethereum Struggles Below Support Level as Sell-Off Continues
As of the time of writing, Ethereum is trading at $2,248 and has had a fall of over 0.4% in the last 24 hours. The fall in Ethereum price has affected its weekly, monthly, and even yearly trading volume. Many traders and investors were continuously monitoring the market and watching to see when the massive sell-off would end.
As recorded by Tronweekly, the price of Ethereum has failed to stay above the $2,500 mark, causing a shift in market mood. The token is now sitting under a crucial support, making it weak and open to further decline. With little to no movement around that area, there’s a high chance of another fall in price. Experts warn that unless Ethereum recovers quickly, its value might drop even more in the coming days.
Also Read: Ethereum’s Bearish Trend: Can $2,200 Hold or Will ETH Fall Further?
