Ethereum Whales Buy the Dip, Bottom in Sight?While Ethereum ETFs have experienced net outflows, reaching nearly $500 million recently, analysts believe Ethereum may have bottomed out. Market whales investors holding large amounts of Ethereum are actively buying, a signal pointing towards a bottom bounce
Ethereum Whales Buy the Dip, Bottom in Sight?
While Ethereum ETFs have experienced net outflows, reaching nearly $500 million recently, analysts believe Ethereum may have bottomed out. Market whales investors holding large amounts of Ethereum are actively buying, a signal pointing towards a bottom bounce.
According to CryptoQuant data, Ethereum whales accumulated over 200,000 ETH, worth over $540 million, in the past four days. This buying activity continues even as Ethereum prices exhibit weakness.
This phenomenon has drawn attention as whale trading activities often significantly impact the market. Historically, whale buying has been seen as a sign of improving market sentiment.
Ethereum ETF Outflows
Despite the launch of Ethereum ETFs being perceived as bullish news, their current outflows exceed $478 million and are expected to surpass $500 million this week. This suggests that the demand for Ethereum ETFs from traditional investors has yet to fully erupt.
Analyst Matteo Greco points out that Ethereum ETF trading volume remains lower than that of Bitcoin ETFs, not reflecting continuous interest in Ethereum-related products from traditional financial investors.
Analyst Perspectives
While Ethereum ETF outflows continue, market analysts generally believe that Ethereum may have bottomed out. Popular market analyst CryptoBullet suggests that as long as Ethereum prices stay above $2,500, the bottom has arrived.
Aurelie Barthere, Chief Research Analyst at Nansen, notes that $2,700 is the next resistance level, and theres insufficient evidence to indicate its breach.
Renowned cryptocurrency analyst Titan believes that Ethereum could rebound to the psychological threshold of $3,000.
Conclusion
Despite recent worries caused by Ethereum ETF outflows, the counter-trend buying by Ethereum whales brings positive signals to the market. Analysts generally believe that Ethereum prices may have bottomed out and are poised for a rebound.
The coming days will see the market focusing on Nvidias earnings report and Ethereums price performance.
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