Despite overall negative trends in the crypto market, Ethereum shows significant resilience. Even in the falling market for other altcoins, ETH remains afloat, which is linked to both technical factors and actions by key players.
Ethereum Resilience Amid Market Correction
Amid the overall volatility in the crypto market, Ethereum maintains its position, holding support at $3,500. Despite fluctuations in the prices of Bitcoin and other altcoins, ETH has demonstrated technical strength, remaining above the 50-day exponential moving average. A breakout of the $3,750 level could lead to a move towards $4,000 if the $3,500 support holds.
Dynamics of Asset Accumulation by Major Players
Since early July, eight new whale wallets have accumulated 540,460 ETH, nearly $2 billion. Recently, this activity accelerated, with three addresses acquiring 74,207 ETH valued at $273 million. Furthermore, institutional flows confirm this trend, as Ether holdings among corporate entities have nearly doubled in four weeks. The investment fund Bit Mine acquired 266,119 ETH in one week, making it the largest identified institutional ETH reserve.
Ethereum's Prospects in the Near Future
In conclusion, if the support level at $3,500 remains stable, it could serve as a good foundation for potential Ethereum growth to $4,000. However, a temporary drop could test lower levels down to $3,100. Therefore, the current state of Ethereum depends on both technical signals and deeper market dynamics.
Ethereum displays notable resilience amid market fluctuations, attributed to both current technical indicators and the accumulation of assets by large investors.
