Is It Good Time to Invest in ETH as Whale Buys For Millions of Dollars

Amidst ongoing bearish market sentiment, a significant crypto whale has made a massive purchase of Ethereum (ETH), indicating confidence in the asset despite current market conditions.

A crypto whale has been making serious moves, accumulating a massive fortune in Ethereum (ETH) amid ongoing market pessimism.

According to on-chain analytics firm Lookonchain, the whale has bought 3,195 ETH for $5,970,133.

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The crypto whale has been on an incredible buying spree. Since March 26, the same investor has bought 29,341 ETH for about $58,184,608 at an average price of $1,983.

This is an extremely large-scale accumulation, which may signal that the whale is bottom hunting and sees great potential for ETH to appreciate further from current price levels.

Key Levels For Ethereum

ETH price is still relatively flat despite the massive buying activity. At the time of writing, ETH is changing hands at $1,811, down 3.6% in the last 24 hours.

Furthermore, trading volume has decreased by 32.8%, indicating lower market participation compared to previous days.

According to technical analysis, ETH has reached a critical price level that could decide its next move.

Currently, Ethereum is forming a double-bottom pattern on the daily chart with strong support around the $1,820 level, which is the Fib. 0.382 level. If ETH manages to stay above this level, it could see a rally of up to 17% to reach the $2,100 level, which is the Fib. 0.62.

However, if Ethereum falls below this support level and closes a daily candle under $1,800, it could experience a 15% drop, with the next potential support around the $1,550 level, which is the Fib. 0.236 level.

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