Ethereum is showing signs of resilience as major investors actively accumulate the asset despite its current price weakness.
Whale Accumulation and Market Confidence
Large whale addresses recently acquired nearly $229.91 million worth of Ethereum through deals with FalconX and Bitgo. This accumulation indicates that significant investors are confident in ethereum’s future even during its temporary price decline.
Historic Shift: Exchange Balances Turn Negative
Ethereum's exchange balances have recently hit a historic low, indicating a shift towards long-term holding of assets. The trend of Ethereum leaving centralized exchanges often precedes upward price movements, as it reduces the available supply on the market.
Key Support Levels Offer Strong Foundation
Ethereum's price movements in the coming days may depend on key support levels that are crucial for its market outlook. One significant support level is at $3,960, which is essential for short-term forecasting.
The combination of strong support levels and whale accumulation provides a solid foundation for potential growth in Ethereum. With continued demand, the long-term outlook remains promising.
