ethereum price below $3,400 It was the first rally since August, but large investors appear to have turned this correction into a buying opportunity. According to the data, whales Accumulate a huge amount of ETH within a short time frame.
This build-up coincides with Ethereum hitting a new network throughput milestone, further reinforcing the argument that the cryptocurrency remains strong even amid price weakness.
Whale scoops up $1.12 billion worth of ETH in 48 hours
Data from on-chain analytics platform Lookonchain shows some things Ethereum whale addresses have accumulated a total of 323,523 ETH, worth approximately $1.12 billion, within the past 48 hours.
One of the largest purchases was made by a whale who bought 257,543 ETH worth approximately $896 million at an average price of $3,480 per ETH. Another cluster of addresses, dubbed “Seven Brothers” by Lookonchain, added 37,971 ETH worth a total of $133 million at an average price of $3,515.
The data also revealed the participation of a whale known for swing trading Ethereum through over-the-counter trading, acquiring 14,004 ETH for approximately $45.5 million. This address bought these ETH at an average price of $3,247. This was right at a price close to recent lows.
The two newly created wallets also purchased 10,000 ETH and 4,005 ETH, respectively, for a total of over $47 million. In total, the whales accumulated 323,523 ETH at an average price of $3,469. This shows how most of the whales are taking advantage of the price break below $3,400.
Price weakness could set the stage for a breakout
A decline in Ethereum is possible, but making some traders nervous, The accumulation of whales may indicate optimistic days ahead. Large-scale savings of less than $3,400 contributed Successfully defended $3,200. This follows the tendency of accumulation leading to the maintenance of the support level.
If ETH remains stable above the $3,200 support and on-chain activity continues to rise, the price could climb above $4,000 by the end of the month. But the first step is for Ethereum to regain $3,800 and post a strong weekly close above that level.
Interestingly, despite the market correction, Ethereum’s network performance has maintained a level of robustness. The blockchain ecosystem recently achieved a new record throughput of 24,192 transactions per second (TPS), setting a new benchmark for network-wide activity.
Featured image from iStock, chart from Tradingview.com
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