Ethereum shows resilience against the backdrop of a general downturn in cryptocurrency prices. Prices remain above key support levels, generating interest among investors.
Current Market Situation for Ethereum
After reaching a yearly high of $3,850 on Binance, Ethereum ([ETH](https://ethereum-price)) exhibits greater resilience compared to Bitcoin ([BTC](https://bitcoin-price)). While BTC declines to new range lows, ETH continues to trade above the support level at $3,500. On the four-hour chart, ETH is holding above the 50-day exponential moving average. On the one-hour chart, it remains above the 200-day moving average, signaling continued strength across key lower time frames.
Increase in Accumulations Among Large Investors
Since July 9, eight newly created whale wallets have accumulated over 540,460 ETH, worth nearly $2 billion. Three of those wallets added another 74,207 ETH ($273 million) on Thursday, signaling strong confidence among large investors. Data shows that holdings of Ethereum among large corporations have nearly doubled in recent weeks, rising to 2.3 million from 1.2 million in four weeks. Tom Lee's investment firm, Bit Mine, acquired 266,119 ETH ($970 million) over the past week, contributing to the growth of Ethereum holdings among institutional investors.
Outlook and Risks for Ethereum
Currently, ETH is seeing a record 245,000 ETH in buy orders accumulated between $3,000 and $3,400. While this indicates strong interest in the asset, it also highlights a liquidity gap below current levels. Under these conditions, ETH may dip into this buy zone before continuing its upward trend. A drop towards $3,400 or even $3,100 remains on the agenda.
Ethereum continues to demonstrate resilience against the overall weakening of the cryptocurrency market. The interest of large investors in the asset may support its value in the short term, but risks exist regarding possible declines below key support levels.
