Main to remember
In the middle of the price correction, $ 3,650 seem to be a key support for ETH; Ventilation could push the price of 8% lower. There are heavy Short positions around $ 3,768.9, making it a high level of resistance.
The price of Ethereum (ETH) continues to consolidate near a key resistance level after weeks of high dynamics upwards.
In the midst of this, whales and institutions, with a strong conviction, accumulated ETH and seized the current decline as an anti -world.
The overvoltages of the ethn accumulation
In the past 24 hours, transaction trackers based on the Lookonchain blockchain and ONCHAIN’s objective revealed that whales and institutions have been accumulated massively.
A newly created portfolio, 0x8eee, accumulated a notable 33,644 ETH worth $ 125.73 million via Falconx.
With this, the ashs of the Whale Eth and the total acquisitions have climbed to 105,977 ETH, worth $ 397 million in the last four days.
Source: X (formerly Twitter)
Not only that, another newly created crypto portfolio bought 32,640 ETH worth $ 122.18 million thanks to over -the -counter offers.
With this, the ETH holdings of the portfolio increased to 43,787 ETH worth $ 163 million in the last four days of negotiation.
Source: X
In addition to these cryptocurrency, the Sharplink game publicly picked up (Nasdaq: Sbet), often called “Microstrategy of Ethereum”, bought 79,949 ETH last week, increasing its total assets to 360,807 ETH.
The data reveal that this total participation increased by 29% compared to the previous week.
Looking at these acquisitions by institutions and cryptocurrencies, it seems that the race for the accumulation of ETH has now started.
ETH prices momentum remains flat
However, these movements did not have a significant impact on the price of the ETH, as it remained relatively unchanged in the last 24 hours.
At the time of the press, ETH held high at $ 3,682, recording a modest of 0.90% upwards. The overall trading volume during the same period fell by 17%, which indicates a lower participation of traders.
Ambcrypto’s analysis revealed that the ETH was in an upward trend at the time of the press, but due to its too extensive price and its impressive gain of more than 35%, the asset is now experiencing a profits.
It all started when ETH approached the level of key resistance of $ 4,000.
Source: tradingView
Despite the reservation of current profits, ETH did not have to face a massive price fall; Instead, he continues to consolidate in a narrow range around the local support level of $ 3,650.
This level acted as a key area for investors and merchants.
Based on the 4 -hour period, ETH has constantly supported the level of $ 3,650.
If the feeling changes and the price falls below this support, the asset could face an 8%drop, which could reach the level of $ 3,300.
On the other hand, if the price is higher than local support, ETH still has room to rally and resets the level of $ 4,000.
Major liquidation levels to monitor
In accordance with the Coinglass chain analysis company, the main liquidation levels where traders have shown high interest are $ 3,359.7 below, where traders have built $ 290 million in long positions.
On the upper side, another level of key liquidation is $ 3,768.9, where traders built a value of $ 589.17 million in short positions.
Source: Coringlass
This metric shows that traders seem to be lower because they believe that the king of Altcoins will probably not cross the level of $ 3,768.9 soon.
