Bitcoin Price Returns to $64,000, Altcoins Lag Behind in Recovery
Bitcoin’s price has once again reached $64,000, but altcoins have not fully recovered from the recent drop. Short-term fluctuations like this are considered normal. Meanwhile, crypto whales continue to make purchases in line with their medium and long-term goals. So, which altcoin saw $57 million worth of purchases in the past 24 hours?
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Ethereum (ETH) Whales
Ethereum Price Prediction
Ethereum (ETH) Whales
According to Spot On Chain, whales are once again taking action with Ether. The on-chain analyst who examines whale transactions is monitoring a notable whale that recently withdrew a significant amount of ETH from the Binance exchange. The whale with the address 0x3d4, who withdrew approximately 8,877 ETH worth $29 million at a price of $3,267, made their second major purchase. They had previously withdrawn 14,877 ETH from the Binance exchange.
The whale, who holds ETH worth $48.68 million, has an unrealized gain of approximately 14% at a cost of $2,863. Another whale with the address 0x0d7 withdrew 1,800 ETH worth $5.71 million. The whale with the wallet address 0x435, who withdrew 7,128 ETH, also stands out with their recent transaction. The increased interest among whales indicates that the decline in ETH price has reached attractive levels.
With the significant decrease in the possibility of approving a spot Ether ETF, the ETH price has moved far away from the $4,000 levels.
Although Ethereum shows signs of recovery against BTC, it is difficult to be certain of a definite turnaround.
Ethereum Price Prediction
The $2,867 support level has become a bottom for the downward movement that started at the end of March. Although there have been temporary oversold conditions, Ethereum (ETH) has not seen long-term closures below $3,000. However, there are still many challenging resistance levels that need to be overcome. For ETH, the three important levels that require closures above for a clear reversal in USD pairs are $3,277, $3,320, and $3,650.
Breaking the parallel descending channel will accelerate the upward movement for Ethereum and target $4,095. Contrary to optimistic predictions, the current news flow does not seem to support this outlook.
The weakness in Bitcoin’s price is causing a further decrease in risk appetite for ETH.
Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
