Large Ethereum whale purchases are causing both investor confidence and concerns over potential market manipulation.
Ethereum Whale Purchases
According to Lookonchain, a major Ethereum whale is actively purchasing ETH, sparking market movement speculation. The investor just bought 3,195 ETH worth $5.97 million at $1,868 per token. Since March 26, the whale has acquired 29,341 ETH totaling $58.18 million at an average cost of $1,983. The bulk buy signals institutional demand and market confidence despite recent bearish momentum around Ethereum.
Ethereum's Technical Outlook
With its current price of $1,827.14, Ethereum has dropped 2.78%. The cryptocurrency has been unable to overcome enduring resistance at $3,393.35. At $1,825.18, a crucial support level, is being tested once more. If ETH holds above this level, a potential reversal may occur. Conversely, breaking below could lead to further downside pressure.
Market Sentiment and Future Trends
Ethereum’s market structure suggests a mixed outlook. On one hand, whale accumulation reflects confidence. However, persistent resistance and price stagnation worry investors. Additionally, liquidity zones suggest possible trading opportunities at $3,393.35 and $1,825.18. Institutional interest remains a driving force in the crypto markets.
Although whale purchases may signify strategic positioning for future gains, investors need to remain cautious amid potential volatility and market manipulation concerns.
