Ethereum Whales Return, ETH Price Could Break Downward TrendAnalyst MichalvandePoppe says the ETH price could be on the verge of a breakout, driven by current valuations and improved macroeconomic conditions. The ETH price has been in a downtrend for over five months since the end of March, but recent bullish divergence could break the downtrend of the past months, which would have a significant impact on the entire market
Ethereum Whales Return, ETH Price Could Break Downward Trend
Analyst MichalvandePoppe says the ETH price could be on the verge of a breakout, driven by current valuations and improved macroeconomic conditions. The ETH price has been in a downtrend for over five months since the end of March, but recent bullish divergence could break the downtrend of the past months, which would have a significant impact on the entire market.
Lookonchain data shows Ethereum whales have reemerged after the summer crypto market slump. One whale bought over 5,000 ETH in the past two days, worth more than $11.4 million. This move is seen as a positive signal that market confidence is recovering.
It's worth noting that despite the launch of the ETHETF, the ETH price has continued to fall since the end of March, dropping more than 32% since the ETHETF launched on July 23rd. According to FarsideInvestors data, the ETHETF has seen net outflows exceeding $568 million since its launch.
Despite the ETHETF's underperformance, analysts believe ETH's fundamentals remain strong, with its strength as a smart contract platform and its growing user base providing strong support for future growth. Therefore, even with some short-term headwinds, the ETH price is expected to remain firm in the coming period, with the potential to break through the current downtrend.
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