Whales Add 190,000 Ethereum In The Last 24 Hours – The Accumulation Continues
Ethereum trading is slightly above the most critical support level since December 2023, a price zone that can determine its short-term direction. The Bulls must maintain this level to prevent further declines and initiate recovery phases, but sales pressure remains high. Analysts are split, with some expecting a long bear market, while others viewing the potential for a rebound.
Share by crypto expert Ali Martinez santiment data on xRevealed that the whale has purchased another 190,000 ETH in the past 24 hours. This adds to the wider accumulation trend that is underway in the past month.
Historically, this whale activity marks the confidence of large investors who often accumulate at discounted prices before the uptrend resumes. If this trend continues, Ethereum may set up for a strong recovery rally.
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However, the bullish momentum remains uncertain. ETH needs to recover key levels above $2,500 to confirm the reversal, and failure to do so may lead to further corrections. The market is currently driven by fear and uncertainty, but the ongoing whale accumulation suggests that smart currencies are positioning for future gains. The days that follow are crucial to determine whether Ethereum can rebound or bearish trends will continue to exist.
ETH testing is crucial for long-term demands
Ethereum trades at $2,220 after reaching its lowest level in late November 2023. The recent sell-off pushes ETH below the key support zone, and the Bulls are working to regain control. Now, the price is below the 200-week exponential moving average (EMA), at about $2,290, while the 200-week moving average (MA), at about $2,480, suggesting a bearish look unless a strong recovery occurs soon.
In order for Ethereum to regain power, the Bulls must get the $2,500 level in the next few days. Breakthroughs above this level will indicate increased strength, which could lead to a massive recovery of rally as traders recover. However, ETH is still under pressure and the failure to recover the $2,300 mark can confirm a further decline. If this happens, Ethereum may have a deeper psychological support for $2,000, or even lower based on market sentiment.
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As the market remains dominated by fear and uncertainty, traders are paying close attention to key technology levels. If ETH can stabilize above $2,200 and push higher, relief gatherings may occur. Otherwise, Ethereum may still be trapped in a long-term downward trend, testing investor patience and market elasticity. The next few days will be crucial for ETH price action.
Featured images from DALL-E, charts from TradingView
