Key dealers
In the middle of price correction, $ 3,650 seems to be an important support for ETH; A division can push the price 8% lower. There are heavy Short positions around $ 3,768.9, making it a strong resistance level.
Ethereum’s (ETH) The price continues to consolidate near a key resistance level after weeks with strong upward speed.
In the midst of this, whales and institutions, with strong conviction, have collected ETH and exploited the current dip as an opportunity.
ETH accumulation
Over the past 24 hours, Blockchain-based transaction trackers Lookonchain and Onchain lens have revealed that whales and institutions have gathered massively.
A newly created wallet, 0x8ea, has collected a remarkable 33,644 ETH worth $ 125.73 million via Falconx.
With this, Valens ETH holdings and total acquisitions have risen to $ 105,977, worth $ 397 million, over the past four days.
Source: X (Formerly Twitter)
Not only that, another newly created crypto wallet bought $ 32,640 worth $ 122.18 million through OTC offers.
With this, the wallet’s ETH holding has increased to $ 43,787 to a value of $ 163 million over the last four trading days.
Source: X.
Apart from these cryptocurities, the publicly listed Sharplink game (Nasdaq: SBET), often called the “Micro Strategy of Ethereum”, bought 79 949 ETH last week and increased its total holding to 360 807 ETH.
Data reveals that this total holding has risen by 29% compared to the previous week.
When you look at these acquisitions from institutions and cryptocurities, it seems that the race for ETH accumulation has now begun.
ET -PRISTOMENS TELL FIEL
However, these movements have not had a significant impact on the ETH price, as it has remained relatively unchanged over the past 24 hours.
At press time, ETH held strongly at the $ 3,682 level and registered a modest 0.90% upward movement. The total trade volume during the same period fell by 17%, indicating lower participation from traders.
Ambcrypto’s analysis found that ETH was in a trend at press time, but due to its overpowering price and an impressive profit of over 35%, the asset is now experiencing profit booking.
It all started when ETH approached the most important level of resistance of $ 4,000.
Source: Tradingview
Despite the ongoing profit booking, ETH has not met a massive fall in prices; Instead, it continues to consolidate within a narrow range around the local support level of $ 3,650.
This level served as a key zone for both investors and traders.
Based on 4-hour time frame, ETH has consistently taken support from the $ 3,650 level.
If the feeling is displaced and the price falls under this support, access may face a decline of 8% and potentially reach $ 3,300.
On the other hand, if the price is valid over the local support, ETH still has room to gather and test the level of $ 4,000.
Large liquidation levels to look at
According to the analytics company on the chain, the large liquidation levels where traders have shown a strong interest are $ 3,359.7 on the underside, where traders have built $ 290 million in long positions.
On the upper side is another key liquidation level to $ 3,768.9, where traders have built $ 589.17 million in short positions.
Source: Coinglass
This metric shows that traders seem to be baisseed, as they believe King of Altcoins will probably not cross 3,768.9 $ level at any time.
