Ethereum whales buy US$20.6M in ETH
Share
- Ethereum (CRYPTO:ETH) whales bought about US$20.6 million worth of ETH as the price held above US$1,800.
- Exchange outflows and lower exchange balances suggest investors are accumulating ETH.
- Analysts said Ethereum could test US$2,000 if buying demand continues.
Ethereum (CRYPTO:ETH) held above US$1,800 for three straight days as large investors bought about 11,306 ETH worth US$20.6 million.
On-chain data showed one whale bought 4,948 ETH worth about US$9 million, while two linked wallets purchased another 6,358 ETH worth about US$11.6 million.
Analysts said continued whale buying shows confidence in Ethereum, even as the market recovers.
CryptoQuant data showed exchange netflows have remained negative for eight straight days, suggesting more investors are moving ETH off exchanges than depositing it.
Ethereum's Exchange Supply Ratio also fell to a three-week low of 0.13, while its Relative Strength Index stayed above 50 for eight days, pointing to stronger buying demand.
Analysts said Ethereum could move toward US$2,000 if demand continues and the price stays above its short-term moving average near US$1,778.
They added that a break below that level could weaken the current recovery and lead to another price decline.
At the time of reporting, Ethereum price was $1,804.91.
