Ethereum Whale Buys $121 Million in ETH as Price Eyes Key Support Level

• An Ethereum whale purchased 40,975 ETH, showing significant accumulation interest among large-scale market investors recently.
• Ethereum is approaching its 200-day EMA, a crucial level for potential price stabilization or decline.
• Weekly momentum appears weak, with RSI below fifty and MACD signaling continued selling pressures.

Ethereum (ETH) has experienced new buying interest from a prominent investor in the market. The ETH is close to an important support that may decide what is next in the market. It has been reported that a rebound or break below the support may establish the pattern of future market movements.

Ethereum Whale Accumulates Massive ETH

According to data provided by Lookonchain, the “66kETHBorrow Whale” has been actively trading. This whale had previously accumulated 528,272 ETH (approximately $1.57 billion) and recently accumulated another 40,975 ETH (approximately $121 million) in just five hours.

Starting from November 4, it has accumulated 569,247 ETH (approximately 1.69 billion), and it has also borrowed 881.5 million of that from Aave.

Ethereum Approaches Critical 200-Day EMA

Meanwhile, crypto analyst CryptoPulse has pointed out that Ethereum will soon test its 200-day exponential moving average. According to the analyst, ETH has shown reduced momentum in its price action in recent market sessions, which may trigger a test of the mentioned technical level.

A bounce from the 200 EMA could stabilize the price and ensure the maintenance of the current structure. But if Ethereum dips below the level, it might target the region of $2,000-$2,100, where the monthly fair value gap might be closed.

At the time of writing, ETH is trading at $2,932, with a 24-hour trading volume of $33.40 billion and a market capitalization of $355 billion. Over the last 24 hours, the ETH price has dipped by 1.07%, showing some short-term downward pressure.

Source: CoinMarketCap

Also Read | Ethereum Price Tightens Below $3,100, Upside Target Near $3,700

Ethereum Weekly Momentum Turns Weak

The RSI for ETH on a weekly chart is 41.76, below 50, indicating a weakening in buyers. The RSI has fallen from its peaks, indicating a weakening in momentum. On an MA Ribbon chart, the price is below all SMAs of 20, 50, and 100 weeks. The 200 SMA at 2,456 acts as a support for Ethereum.

The MACD is certainly bearish, as indicated by a MACD line of -99.86 and a signal line of 68.86, below zero. The histogram is at -168.72. The setup points towards a continued prevalence of selling pressures, and any strong bullish reversal indication is not seen.

Overall, ETH retains its appeal for large-scale investors, while investors are watching for the reaction of the prices at critical support levels.

Also Read | Bitcoin, Ethereum See Heavy Selling As Crypto Funds Lose $952 Million