Ethereum whales are on the move: Is the altcoin bull starting?

EthereumWhales have accumulated more than 700 thousand ETH in the last three weeks, which is approximately $ 2.45 billion.

ETH price recovered after falling below $3,400, likely driven by increased whale activity. Onchain information shows a decline in network growth and transaction speed for Ethereum, indicating a mixed period.

In recent weeks, Ethereum (ETH) has seen a significant increase in the accumulation of large investors, often referred to as whales. The information shows that these organizations purchased more than 700,000 ETH, equivalent to approximately $2.45 billion.

The cautious process continues for Ethereum

This valuable buying spurt reflects strong belief in Ethereum’s long-term potential despite recent price fluctuations. The increase in ETH assets among the whales indicates a strategic move to take advantage of the recent decline in Ethereum’s market value.

This accumulation could bring ETH to a stable price structure amid ongoing market volatility. Ethereum showed resistance despite a discontinuous decline below $3,400, recovering due to increased whale activity. The leader of the altcoins has been showing a downward trend lately. The Chaikin Money Flow indicator showed a cautious outlook, indicating a decline in money inflows. On the contrary, the Relative Strength Index shows increasing bullish momentum, indicating potential price recovery attempts.

On-chain metrics such as Network Growth and transaction speed provide mixed signals. While Network Growth has decreased, indicating waning interest from new investors, the overall transaction speed has also slowed, signaling reduced market activity.

Looking ahead, Ethereum’s price trajectory remains uncertain. The cryptocurrency is facing resistance at $3,607.30, which it may encounter if the upward momentum continues. However, a real decisive breakthrough to new highs will require a valuable bullish base.