Ethereum whales have taken advantage of ether’s plunge below the $1,700 region to accumulate millions of dollars worth of ETH in the past 24 hours, according to on-chain data published by Spot on Chain.
While market analysts and on-chain metrics have recently suggested that cryptocurrency markets have entered an early bull season, the regulatory attack waged by the US regulatory watchdog, the Securities and Exchange Commission (SEC) ) has effectively delayed that transition.
The price of Ether, the world’s second-largest cryptocurrency, plunged to the $1,626 mark on June 15, its lowest point in as many months, presenting a juicy opportunity for investors to add to their ETH reserves.
According to on-chain data from Spot on Chain, crypto whales have accumulated millions of dollars worth of ETH and staked ETH (stETH) in the past 24 hours as investor confidence gradually returns to the markets.
According to researchers, a wallet address belonging to an unnamed whale exchanged 20 million USDT for 12,100 stETH at an average price of $1,652 more than 25 hours ago. Along the same lines, a whale named bobby1337.eth traded 2 million USDT for 1,200 units of stETH at an average price of $1,672 over 12 hours ago.
Ethereum Price Analysis
The ETH price has seen an increase of 2.15% in the last 24 hours. At a current price of $1,668.75, ETH is down -9.52% over the past seven days. Ether currently has a market capitalization of $200,597,004,866 and a circulating supply of 120 million ETH.
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The recent decline in ETH price below the critical support level of $1700 suggests a potential downtrend in the short term. The next support level to watch is $1,500. If ETH fails to hold the $1,500 support level, the price may fall further towards the $1,000 level.
However, the Relative Strength Index (RSI) indicator shows a value of 24.43 on the daily time frame. This suggests that ETH is oversold at the moment. Whether ETH will reverse to the upside or continue its freefall remains to be seen.
