Amid the drop in Ethereum prices to $2,442, there is an increase in whale accumulation, suggesting possible long-term market recovery.
Price Drop of Ethereum
In the last 24 hours, Ethereum's price has decreased by 4%. This decline is occurring amid overall market volatility.
Whale Accumulation and Market Reaction
Despite the volatility, whales have started actively accumulating Ethereum, increasing their holdings by 670,000 ETH over the past nine days. Data shows that large holders with between 10,000 and 100,000 ETH have added significant amounts to their balances, indicating confidence in Ethereum's future.
Future Market Outlook and Resistance Levels
Market participants are currently focused on upcoming options expirations. The resistance level at $2,500 is considered critical, and breaking it could influence future price direction.
The increase in whale accumulation amidst the price drop of Ethereum may signal a potential recovery in the market. However, participants should monitor key resistance levels and strategies that could shift the current situation.
