Fun

Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg up

News Feed - 2024-08-12 08:08:29

Zoltan Vardai12 hours agoWhale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg upThe last time this whale address bought the dip was just before Ether rose from $2,100 to $3,100.2877 Total views45 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onWhales, or large Ether-holding entities, continue accumulating as Ether remains stuck under a key psychological resistance line.


A whale has acquired 5,000 Ether (ETH) tokens worth over $12.8 million at its current valuation.


The last time this whale address bought the dip was when Ether fell to the $2,100 mark, shortly before it recovered to $3,100, according to an Aug. 12 X post by Scopescan.Ether whale transactions. Source: Scopescan


Investors often look at whale buying patterns to determine the sentiment around the underlying asset. The last time this whale bought Ether marked the local price bottom just before a strong recovery.


Related:Bitcoin price drops below $59K as institutions stop buying stablecoinsEther needs to surpass $2,700 for more upside — Analyst


Ether staged a significant recovery following the $510 billion crypto market sell-off on Aug. 5 and 6.


Its price rose over 18% during the past week to trade at $2,655 as of 11:08 am UTC, according to CoinMarketCap data.ETH/USDT, 1-day chart. Source: CoinMarketCap


Despite the recovery, Ether needs to decisively reclaim the $2,700 resistance for more upside momentum, according to Aurelie Barthere, principal research analyst at Nansen.


Barthere told Cointelegraph:“There has already been a death cross of ETH (50-day below 200-day). ETH needs to hold above $2,700, or the resistance tested yesterday and in January 2024.”ETH/USD, 1-day chart, key trend lines. Source: Nansen


A “death cross” is a technical chart pattern that reflects short-term price weakness compared to the long-term average moving price of the underlying asset. A death cross can often signal a favorable opportunity to purchase an asset at a discounted price.


Related:Tech giants losing momentum as AI progress disappoints investorsEther ETFs: Net outflow spree continues


Institutional inflows remain disappointing despite the historic launch of the first spot Ether exchange-traded funds (ETFs) in the United States, which debuted for trading on July 23.


The nine US spot Ether ETFs saw $15.8 million worth of cumulative negative outflows on Aug. 9, according to Farside Investors data.Spot Ether ETF flows (US dollars, million). Source: Farside Investors


Since launching, spot Ether ETFs have recorded $406 million worth of cumulative net outflows, partially contributing to Ether’s lagging price action.


ETF inflows can significantly contribute to a cryptocurrency’s price appreciation. For Bitcoin (BTC), ETFs accounted for about 75% of new investment in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.


Magazine:Ethereum price will lag for ‘months’ as Bitcoin surges: X Hall of Flame, Roman# Ethereum# Price Analysis# Market Analysis# DeFi# Trading# Ether Price# Ethereum Price# Whale# Ethereum ETF# Bitcoin ETFAdd reaction

News Feed

Andrew Fenton21 hours agozkSync unveils new network of ‘Hyperchains’ — Testnet by end of yearzkSync Era’s new ZK Stack will use recursive scaling and “hyperchains” to create an ecosystem of interoperable prot
Threat of Nested Exchanges and What Binance Is Doing to Combat Them
Threat of Nested Exchanges and What Binance Is Doing to Combat Them sponsored Nested exchanges are becoming a popular tool for money launderers. Learn all about nested exchanges/ser
Bitcoin’s sell-off could put ETF shares on the discount rack
Alex O’Donnell1 hour agoBitcoin’s sell-off could put ETF shares on the discount rackBitcoin"s latest dramatic sell-off could present a rare opportunity for buyers to scoop up Bitcoin ETF shares at bargain prices.776
Solana Halts Block Production, Validators Told to Prep for a Restart, Network’s Decentralization Criticized
Solana Halts Block Production, Validators Told to Prep for a Restart, Network"s Decentralization Criticized On June 1, 2022, the Solana network halted block production again as the
Candidate for Mayor Promises to Make NYC the Most Cryptocurrency-Friendly City in US
Candidate for Mayor Promises to Make NYC the Most Cryptocurrency-Friendly City in US Curtis Sliwa, a candidate for New York City (NYC) mayor, said that he will make his city ȁ
Coin Center Says OFAC’s Tornado Cash Ban ‘Exceeds Statutory Authority,’ Plans to ‘Engage’ With US Watchdog
Coin Center Says OFAC"s Tornado Cash Ban "Exceeds Statutory Authority," Plans to "Engage" With US Watchdog On August 15, the non-profit that focuses on policy issues facing crypto
Whale Spends 10,000 BTC Worth $203M, Bitcoins Stem From the Infamous 2011 Mt Gox Hack
Whale Spends 10,000 BTC Worth $203M, Bitcoins Stem From the Infamous 2011 Mt Gox Hack In two days’ time, bitcoin’s price dropped to fresh August lows as it dipped bel
Finoa and Dapper Labs Announce Exclusive Partnership To Bring Institutional-Grade Custody To Flow Ecosystem Investors
Finoa and Dapper Labs Announce Exclusive Partnership To Bring Institutional-Grade Custody To Flow Ecosystem Investors Berlin, October 20, 2020: Finoa, one of the
Turner Wright7 hours agoUkrainian government reports $81M tax loss from unregulated crypto exchanges since 2013A crypto bill signed into law in 2022 paved the way for the Ukrainian government to amend its tax code, but l
Savannah Fortis13 hours agoOpera browser debuts stablecoin wallet MiniPay in AfricaOpera’s new in-browser, noncustodial wallet runs on the Celo blockchain and targets the platform’s African user base for P2P stableco
Spot Bitcoin ETFs maintain positive flows for 8 out of the last 10 days
Martin Young2 hours agoSpot Bitcoin ETFs maintain positive flows for 8 out of the last 10 daysAround 80% of the past fortnight’s spot Bitcoin ETF trading days have had positive flows, despite Bitcoin seeing sideways pr
XRP déjà vu: Is another 60,000% price surge on the horizon?
Yashu Gola12 hours agoXRP déjà vu: Is another 60,000% price surge on the horizon?XRP’s monthly volatility has plunged to its lowest levels ever, approaching the range that preceded the 60,000% price surge in 2017-201