Buy or Sell Signal? Ethereum Whales Purchase $340 mln of ETH

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Amid the recent market crash, some investors sold off their holdings to safeguard their capital while others have grabbed this opportunity. Today, on August 6, 2024, Lookonchain an on-chain analytic firm noticed that six whales have purchased a significant 147,605 Ethereum (ETH) worth $340 million during the market crash.

Whales buy $340 million worth of Ethereum 

Since August 5, 2024, there have been massive ups and downs in the cryptocurrency market that have created fear among investors and traders. However, the recent posts by Lookonchain have gained massive attention from the crypto community.

According to the post on X (previously Twitter), during the market crash five whales bought a notable 144,071 ETH worth $331.11 million at an average price of $2,300. Among these buyers, Nomad Bridge Exploiter also purchased 16,892 ETH when it was trading at the $2,353 level.

Meanwhile, one whale (James Fickel) has bought 3,534 ETH by spending 9 million USDT at an average of $2,547, an hour ago. According to data, Fickel is great at buying ETH at a lower price and selling at a higher price. However, this time he didn’t miss the opportunity to buy ETH at a lower price. 

Apart from the above-mentioned investors, Justin Sun, the founder of HTX and TRON also added a huge quantity of ETH during the recent crash. This significant ETH accumulation by these whales, investors, and exploiters during the market crash signals a potential buying opportunity. 

Ethereum price prediction 

According to expert technical analysis, ETH looks bullish and there is a high chance it could soar 13% to the $2,850 level in the coming day. However, to maintain itself in an uptrend, ETH needs to stay above the $2,300 level. 

Source: Trading View

On the other hand, if ETH fails to hold this level and close a daily candle below $2,300, there is a high chance it could fall significantly. 

ETH price analysis

At press time, ETH is trading near the $2,500 level and has experienced a price surge of over 4.5% in the last 24 hours. Meanwhile, its trading volume has dropped by 60% during the same period, signaling lower participation from retailers. As per data, Whales look highly active in this market condition.