The Ethereum (ETH) price tanked all the way to $3,400 on Wednesday, April 10, after the US reported red-hot CPI data for the month of March. However, ETH has recovered well since then scaling past $3,550 once again as of press time. This ETH price recovery happens against the backdrop of a strong whale accumulation taking place.

ETH Whale Accumulation

Citing data from Etherscan, Lookonchain reported that a whale in cryptocurrency markets purchased a substantial amount of Ethereum (ETH). Approximately 10,309 ETH, equivalent to $35.82 million, was acquired just two hours ago during a period of market downturn.

This purchase follows another significant investment made by the same investor earlier on April 8th. At that time, they bought 10,643 ETH, valued at approximately $36.75 million, prior to a notable rise in the price of Bitcoin (BTC).

A whale bought 10,309 $ETH($35.82M) 2 hours ago at the bottom of the market drop.

And he also bought 10,643 $ETH($36.75M) before #BTC rose on Apr 8.https://t.co/41366OnM5Y pic.twitter.com/hhJLDOQf1L

— Lookonchain (@lookonchain) April 10, 2024

These acquisitions suggest bullish sentiment from the investor, positioning themselves strategically during market fluctuations to capitalize on potential future price movements.

On the other hand, as reported by CoinGape, the Ethereum open interest is on the rise again along with the futures call, thus hinting at bullish momentum for ETH going ahead. Analysts are hopeful that this Ethereum price recovery can sustain further up to $4,000.

Ethereum Price Levels to Watch

Ethereum is currently hovering around the $3,500 mark, closely tracking the 100-hourly Simple Moving Average. Immediate resistance lies near the $3,600 level or the 61.8% Fibonacci retracement level. The primary hurdle is anticipated near $3,650, followed by a significant resistance at $3,725, and a further obstacle at $3,780. A breakthrough above $3,800 could pave the way for bullish momentum.

However, failure to surpass the $3,600 resistance may trigger a downturn. Initial support is expected near $3,520, with a more substantial support level of around $3,500. Further downside movement could lead to a test of the $3,400 zone.

The post Ethereum Whale Accumulates 10,309 ETH Amid Dip, ETH Price Bounces Back appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am