By
Godfrey Benjamin
April 29th, 2024
The whales’ resilience in continuing to buy appears to be yielding positive results, as the Ethereum market has witnessed a bullish resurgence, amassing over a 14% gain in the last 48 hours.
Ethereum (ETH) whales have embarked on a buying spree, with large wallet holders accumulating substantial amounts of the coin. This move comes in the wake of a recent dip experienced by most cryptocurrencies over the weekend, during which ETH also faced a decline.
Prior to the market downturn, analysts had predicted that Ethereum was well-positioned to reach its previous all-time high. However, the coin took an unexpected turn, plummeting to $2,800, its lowest level since February, marking a dip of over 19% between Friday and Saturday.
Despite this setback, the whales have not faltered, seizing the opportunity to buy the dip. An analysis released by Lookonchain, an on-chain analyst on X, revealed that a particular whale address spent $3.15 million to acquire 1,000 ETH from Binance. Undeterred, the same whale then spent an additional $25 million to accumulate 8,300 ETH after the market dipped, showcasing the optimism and confidence held by these large wallet holders.
This whale accumulated 1,000 $ETH($3.15M) from #Binance at the bottom again, accumulating 8,300 $ETH($25.12M) after the market dropped.https://t.co/ZXrwpz1g6D pic.twitter.com/bONUrSKbyl
— Lookonchain (@lookonchain) April 15, 2024
Corroborating this trend, another report from the same on-chain analyst revealed that another whale spent 70 million USDC to purchase 23,790 ETH at $2,942 after the coin experienced a drawback. The on-chain analyst further revealed that the wallet holder might even buy more of the coin. This move further shows the resilience and conviction of these whales in the face of market volatility.
Hong Kong ETF Approval Causes a Spike in ETH Price
The whales’ resilience in continuing to buy appears to be yielding positive results, as the Ethereum market has witnessed a bullish resurgence, amassing over a 14% gain in the last 48 hours. Moreover, the confidence exhibited by the whales in their continued buying stemmed from the hopes that the Securities and Futures Commission of Hong Kong would approve spot Bitcoin and Ether ETFs this week, which has already happened.
The crypto regulator’s approval has further fueled bullish momentum, with the coin continuing its upward trend and currently trading above $3,200. Additionally, it has gained an additional 2% increase since the announcement. The approval will grant greater access to institutional demand during Asian trading hours, paving the way for financial giants to invest more heavily in the coin, potentially propelling the coin’s market to appreciate. Commenting on the approval of the coin, a crypto analyst on X KatieePCrypto.pls, who boasts over 40,000 followers, anticipates that this approval will result in a bullish rally. Therefore, traders should be prepared. She stated:
“Hong Kong just approved #ETH ETFs, $20k Ethereum is programmed. Prepare for a massive bull run.”
Despite the cryptocurrency market’s volatility, the actions of these Ethereum whales testify to their steadfast belief in the coin’s long-term potential and its potential to reach new highs. In a follow-up post, KatieePcrypto echoed this sentiment, advising traders not to yield to fear and uncertainty (FUD) as the last weekend dip. She stressed that the opportune time to buy is when FUD emerges, urging traders to resist market manipulators.