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ETH Ethereum welcomes strategic acquisitions amid shocks
Ethereum has experienced significant fluctuations recently, falling 3.6% in the past 24 hours, and the price has dropped to approximately US$1823. Although it briefly surged to nearly $1944, it fell back after being suppressed by resistance. Prices subsequently rebounded and are now stabilizing around current levels.
Who is the driving force behind the massive whale trade?
Chain data shows that a large investor is ignoring current price fluctuations and actively buying Ethereum. According to Lookonchain monitoring, two wallets associated with the same investor withdrew 20,000 Ethereum pieces from Coinbase Prime. Based on the previous purchase of 30,000 Ethereum units, the whale's total holdings have reached 89,396 units, worth approximately US$164.88 million in just three days.
What factors are shaping market dynamics?
While whales are actively trading, the CryptoQuant indicator shows that the average order size of investors remains stable. CoinGlass data showed that the net cash outflow from Ethereum continued to be negative, with a total outflow of US$23.6 million that day, a decrease from US$49 million the previous day. This trend suggests a weakening of investors 'willingness to hold assets on exchanges rather than a massive withdrawal.
U.S. Ethereum exchange-traded funds had a net inflow of $68 million from Monday to Thursday, but exchange reserves have dropped by 253,000 Ethereum units since early July, suggesting funds are moving to self-custody. Despite the inflows, the Coinbase Premium Index remains in negative territory. At the same time, the number of active addresses on the Ethereum network fell to its lowest level since December last year, while daily transaction volume soared to a record of 2.65 million, demonstrating the divergence between user engagement and transaction effectiveness.
Key insights into the current market landscape include:
Whale activity is reshaping the Ethereum market environment.
Investor movements reflect caution against the backdrop of increased market volatility.
The record amount of pledges demonstrates the confidence of institutional customers.
The surge in transaction volume contrasts sharply with the decline in address activity.
Market observers continue to pay attention to technical indicators, and long and short signals are intertwined. Ethereum's balance index dropped significantly, with sellers taking advantage, but prices remained above the key moving average. The current direct resistance level is $1909, and subsequent resistance levels are expected to be $1942 and $2018; the support levels are around $1806,$1741 and $1524 respectively. Cryptocurrency trader Michaël van de Poppe predicts a possible bullish trend and believes Ethereum is expected to break the $2000 mark, based on its newly formed upward trend and resilience above key support levels.
