Whales Go on Buying Spree, Snapping Up $840 Million in ETH

• Whales purchased 240,000 ETH during a price drop, spending $840M, showing strong faith in Ethereum’s future.
• Ethereum-based apps make revenues similar to public companies, highlighting its move towards mainstream use.
• Ethereum’s price is steady at around $3,650, with crucial support at $3,450 and the potential for a rise if it goes above $3,660.

Ethereum (ETH) is showing strength in the volatile crypto market, according to crypto analyst Ali. Large investors, known as whales, recently purchased over 240,000 ETH during a price dip. This significant purchase, valued at around $840 million, demonstrates strong confidence in Ethereum’s long-term value and its crucial role in the global crypto ecosystem.

Crypto applications built on the Ethereum blockchain are generating revenues comparable to those of several public companies. This highlights the innovation, resilience, and vision driving the global crypto industry. These applications are becoming integral to daily financial and digital activities, marking a significant milestone in the mainstream adoption of cryptocurrency.

Crypto analyst Crypto_Scient noted that Ethereum is currently consolidating around a crucial daily level of $3,650, a critical area for determining the next move. If Ethereum closes below $3,660 and consolidates, a drop toward the $3,200 support level may occur. Conversely, reclaiming and consolidating above $3,700 could signal a bullish trend, encouraging long positions.

The recent price correction has been less severe than anticipated, leaving Ethereum in a more favorable position than Bitcoin. Ethereum is holding and bouncing from its 12-hour 200 Moving Average (MA) and has tapped into the 1-day Fair Value Gap (FVG) on the recent drop. Local support has been established around $3,450. If consolidation continues above this level, a move toward $3,660 is likely in the coming days. A flip of the $3,660 level to support would confirm a bullish deviation, potentially attracting more long positions. Any dip towards the $3,500 to $3,450 range presents a scalping opportunity for traders.

As of the latest update, Ethereum’s price is $3,541.88, with a 24-hour trading volume of $14.73 billion. This represents a 0.25% increase in the past 24 hours but a 6.69% decline over the past seven days.

Whales’ accumulation of ETH during the price dip strongly indicates underlying confidence in Ethereum’s potential. Additionally, the ability of Ethereum-based applications to generate revenues on par with traditional public companies further solidifies their role in the evolving financial landscape.