Recent activity from major players in the Ethereum market is raising interest as the cryptocurrency's price fluctuates around critical support levels.
Key Support Zone
Ethereum is testing key support around $3,600, with noticeable whale activity reporting over $449 million in recent purchases. Analysis indicates that the $3,100 zone may become a crucial battleground determining the price's future direction.
Institutional Buys Against Bearish Sentiment
Despite short-term bearish patterns, Ethereum's long-term trend is supported by significant purchases from major institutional investors. Reports indicate that a whale address purchased $361 million in ETH, and BlackRock bought 23,874.75 ETH worth $88.8 million, highlighting continued investor confidence.
Reclaim Pattern Intact
Market structure analyzed from the ETH/USDT chart indicates a consistent reclaim pattern following dips to key support levels. The recent reclaim around $3,600 suggests potential further upside if this level holds.
Analysis indicates that institutional activity and chart patterns support a positive outlook for future Ethereum growth despite current price volatility.
