The post Ethereum whales purchase $1B worth of ETH: Market recovery ahead? appeared on BitcoinEthereumNews.com.

Whales bought 340,000 ETH in the last 3 days worth more than $1 billion. ETH might have completed its correction as the Long Term Trend Directions is strongly bullish. Ethereum’s ([ETH] whale activity contrasted with its price, showing significant buying during the downturn. Over three days, whales acquired 340,000 ETH, valued over $1 billion, suggesting strategic bulk purchases during price dips. This pattern against a backdrop of general crypto declines, sparked speculation about potential market rebound. Source: Ali/X The activity aligned with historical patterns where substantial buys often precede market recoveries. This hinted that ETH might soon experience a price increase if this trend holds true. Is correction over amid long term trend directions? Ethereum weekly chart indicated a potential completion of its correction. The price successively retested the Tenkan and Kijun lines of the Ichimoku Kinko Hyo indicator, suggesting a stabilization. Further signs of support were evident as ETH interacted with the Kumo Cloud’s Senkou Span A, seen as a preliminary resistance turned support. Source: Titan of Crypto/X Additionally, the lagging span retraced to its Tenkan line, reinforcing the resilience of current price levels. Despite these bullish signals, there remained  caution with a possible retest of the Kumo Cloud’s Senkou Span B. If Ethereum’s price approaches this line, it would likely signify a critical test of market sentiment and strength. Again, the Long Term Trend Directions (LTTD) score the year could end at a strong bullish level of 0.82, suggesting a positive long-term outlook. Despite a brief dip in mid-year, the LTTD returned to bullish territory. Ethereum started a consistent climb, coinciding with the LTTD score maintaining above 0.5, indicating sustained buyer interest. Source: X The sharp decline in the LTTD score in July corresponded with a price drop, showing a short-term bearish phase. However, the quick recovery in…

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Filed under: News - @ December 22, 2024 2:13 pm