Ethereum

Accumulate

Resistance

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-accumulate-ethereum-as-it-stays-below-key-resistance/" data-wpel-link="internal">Whales Accumulate Ethereum as It Stays Below Key Resistance</a> 
Whales continue to accumulate as Ethereum remains stuck below a significant psychological resistance line. A whale purchased 5,000 Ethereum, valued at over $12.8 million at the current valuation. According to Scopescan’s August 12 post, this whale address last bought Ethereum when it dropped to $2,100 and rose to $3,100. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-ethereum-front">What’s Happening on the Ethereum Front?</h2> 
Investors often look at whale buying patterns to gauge sentiment around the underlying asset. The last time this whale bought Ethereum, it marked the local price bottom just before a strong recovery. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379029 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/scopescan.jpg" alt="" width="2402" height="1314"> 
Ethereum showed significant gains after the $510 billion <a href="https://en.coin-turk.com/crypto-exchanges-experience-decline-in-july-trading-volume-and-web-traffic/" data-wpel-link="internal">crypto market</a> sell-off on August 5 and 6. According to CoinMarketCap <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, its price increased by over 18% last week, trading at $2,655. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379027 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/eth-2.webp" alt="" width="1967" height="840"> 
According to Nansen’s lead research analyst Aurelie Barthere, despite the rise, Ethereum needs to decisively reclaim the $2,700 resistance for more upward momentum. Barthere stated: 
<blockquote> 
 “A dead cross has already occurred in Ethereum, and the price needs to stay above $2,700 or the resistance tested yesterday and in January 2024.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379028 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/eth-veri.jpg" alt="" width="1280" height="744"> 
A dead cross is a technical chart pattern reflecting short-term price weakness compared to the underlying asset’s long-term moving average price. A dead cross can often signal a good opportunity to buy an asset at a discounted price. 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
Institutional inflows continue to disappoint despite the launch of the first spot Ethereum exchange-traded funds (ETFs) in the U.S. on July 23. According to Farside Investors data, nine U.S. spot Ethereum ETF funds saw cumulative negative outflows of $15.8 million on August 9. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-379026 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/farside.webp" alt="" width="729" height="609"> 
Since the launch, spot Ethereum ETF funds have recorded cumulative net outflows of $406 million, partially contributing to Ethereum’s lagging price action. ETF inflows can significantly contribute to a cryptocurrency’s price increase. For Bitcoin, ETF funds accounted for about 75% of new <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investments</a> in the cryptocurrency by February 15, pushing it past the $50,000 mark. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-accumulate-ethereum-as-it-stays-below-key-resistance/" data-wpel-link="internal">Whales Accumulate Ethereum as It Stays Below Key Resistance</a></h5>
The post <a href="https://en.coin-turk.com/whales-accumulate-ethereum-as-it-stays-below-key-resistance/" data-wpel-link="internal">Whales Accumulate Ethereum as It Stays Below Key Resistance</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Whales Accumulate Ethereum as It Stays Below Key Resistance

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