47% of All Ethereum Acquired at This Price Level

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The cryptocurrency market has experienced significant volatility over the last month due to widespread uncertainty. However, the market is now recovering. Amid this recovery, a prominent analyst shared a post on X (previously Twitter) that has gathered significant attention from the crypto community.

Ethereum’s key support level

According to the post on X, Ethereum (ETH) is at a crucial support level between $2,314 and $2,435, where 2.14 million wallet addresses have acquired nearly 51.67 million ETH. This substantial ETH acquisition at this level is equivalent to nearly half of the total circulating supply which is 120.26 million.

Following this significant ETH holder at this level, it will be very difficult for ETH to fall below it. On the other hand, whales and investors see this level as a perfect buying opportunity as they continue to accumulate. 

Whale’s recent Ethereum accumulation 

On August 9, 2024, the on-chain analytic firm Lookonchain made a post on X, revealing that a wallet address “0x78d0” had purchased a massive 1,800 ETH worth $4.7 million near this level. Additionally, this whale has accumulated a total of 37,800 ETH worth $99 million since May 2024, with an average price of $2,420 level. 

Apart from this, during a recent price dip when ETH fell below the $2,200 level, whales and investors purchased over 147,605 ETH worth $341 million. This whale action near this level suggests a perfect buying opportunity. 

Ethereum price analysis

At press time, ETH is trading near the $2,570 level and has remained stable over the last 24 hours. However, during the Asian trading hours, it reached an intraday high of $2,700 but slipped slightly following the opening of the U.S. market. Meanwhile, ETH’s trading volume has dropped by 10%, during the same period. This decline in trading volume indicates a lower interest from investors.