A new wallet has acquired a significant amount of Ethereum despite the current price instability. This highlights strong confidence in the cryptocurrency even as resistance remains around $3,000.
Confidence of New Whale Wallet
According to Sport on Chain, a new wallet identified as '0x3ac' purchased 17,695 ETH for $49.5 million. The average purchase price was $2,798 per ETH. This event indicates significant interest in Ethereum despite its recent price decline.
Ethereum Below 50-Day EMA
Ethereum's price fell by 3.88%, settling at $2,709.8. After reaching $2,819.4, the price fell below the 50-day Exponential Moving Average (EMA) of $2,956.5. Resistance is present in this region, with support around $2,725.1.
Market Consolidation and Exchange Trends
Ethereum continues to be in a consolidation period, though support remains at $2,700. Exchange netflow data shows a preference for withdrawing Ethereum from exchanges, indicating accumulation. Traders tend to move assets off exchanges during price rises and onto them during corrections.
The growing interest in Ethereum even amid price instability points to its long-term potential. Whale purchases underscore this confidence despite complex market conditions.
