Ethereum (ETH) Whale Accumulation Surges as Price Dips Below $2,000

Ethereum news has seen a notable surge in ETH whale accumulation, with large holders purchasing over $236 million worth of ETH in just three days.

Despite recent price pressure that dropped the coin below $2,000, these large investors have remained confident and have been accumulating aggressively.

This activity has led to speculation that the market dynamics could be shifting, and a rally may be forming soon.

The cryptocurrency market has experienced a downturn in recent times, with several digital assets now struggling to maintain their value.

Despite this setback, interest in crypto remains high, and institutional investors are keeping a close eye on the market.

One cryptocurrency that has come under particular pressure is Ethereum, which has seen its price fall steadily in recent weeks.

However, despite this setback, one group of investors who appear to be unfazed by the recent market downturn are the whales.

According to recent data from on-chain analytics firm Glassnode, large Ethereum holders have been purchasing the coin en masse.

In fact, over the past three days alone, whales have purchased over $236 million worth of ETH.

This buying spree began on July 17 and continued into the early hours of July 19.

During this time, institutional investors purchased more than 120,000 ETH over two days.

Such intensive buying behavior from individuals with high net worth values exceeded $236 million during this accumulation period.

One whale moved their cryptocurrency assets of 4,511 ETH from the exchange platform OKX into the decentralized wallet of Aave.

The whale reused $5 million USDT from borrowing and transferred this money to buy 2,563 additional ETH on OKX.

During the ETH price range of $1,872 to $2,060, the whale conducted these acquisitions to exploit market weakness.

The price of Ethereum maintained its horizontal movement after achieving a 7% increase during the first part of the week.

As of the time of writing, the price of ETH was trading at $1,984, which remains below an essential resistance level.

However, the bulls were able to push the price above the 61.8% Fibonacci retracement level of the March 2023 low to August 2022 high at $1,558.44 to $2,860.37.

This suggests that the sellers might defend the 50% Fibonacci retracement level at $1,719.36.

The Ethereum market surged in early recovery this weekend, settling at $1,991.4 at the time of writing.

Trading at 41.61 on the Relative Strength Index indicates Ethereum presently occupies a neutral position in its