stETH Worth $10M Purchased by a Whale Over the Past 24 Hours

• Lookonchain tweeted today that a whale purchased $10 million worth of stETH over the past 24 hours.
• This same whale had made two large stETH purchases on 24 July 2023.
• At press time, ETH was trading slightly higher than stETH after both altcoins experienced 24-hour losses.

Lookonchain, the on-chain analytics firm, revealed in a tweet today that a whale address withdrew 10 million Dai (DAI) from Maker to purchase 5,403 Lido Staked Ethereum (stETH). According to the post, the whale had purchased the stETH at an average price of $1,851 in the past 24 hours.

This is not the first stETH purchase executed by this whale, according to Lookonchain. The same address made 2 substantial stETH purchases on 24 July 2023. In the first purchase, the whale spent 5.17 million USD Coin (USDC) to buy 2,802 stETH at $1,844. Thereafter, the whale exchanged 10 million USDC for 5,421 ETH and exchanged all of this ETH for stETH.

In related news, the price of stETH stood at $1,846.78 according to CoinMarketCap. This was after it experienced a 24-hour loss of 0.27%. Similarly, the leading altcoin Ethereum (ETH) also saw its price drop over the past day of trading. Despite this negative daily performance, ETH was trading slightly higher than stETH at press time, and was changing hands at $1,851.87.

From a technical perspective, the altcoin’s price broke above the major resistance level at $1,845 on Tuesday. During this daily candle, stETH’s price rose from a low of $1,829.69 to a high of $1,874.96, before closing the trading session off at $1,857.73. The cryptocurrency’s price was also trading between the 9-day and 20-day EMA lines.

If bulls step in to purchase stETH in the next few days, then stETH’s price could climb to $1,877. A break above this resistance level will clear a path for the altcoin to potentially rise to $1,905 in the following week. This bullish thesis will be invalidated if stETH’s price falls below the 9-day EMA line at $1,848.18.

In this scenario, stETH may lose the support of $1,845 in the next 48 hours. Continued sell pressure may then push the cryptocurrency’s price down to $1,820 in the following week.

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