As the cryptocurrency market recovers at its own gradual pace, the market seems to be attracting significant whale attention again. The whales have been busy buying up huge amounts of cryptocurrency tokens, at reduced prices. This is their best investment against an uncertain future. The crypto assets currently trade at lower prices, which makes it easier for whales and investors to accumulate. In the past 24 hours, one of these dormant Ethereum Whales spent $10.9M on 5K ETH. Will the cryptocurrency market be more robust in the near future? Let’s explore.
Also Read: BTC Q1 Forecast: Will Iran-US Conflict Push Bitcoin Higher?
Whale Buys $10.9M Worth of Ethereum
Per a recent report by the Lookonchain data, one dormant Ethereum whale seems to have woken up from its slumber. The whale purchased 5350 ETH at a price of $2043.
“As the market rebounds, whales are buying $ETH again. 3 hours ago, whale 0xE1Ad withdrew 6,114 $ETH ($12.52M) from #OKX and deposited it into #Aave. 0x7673 and 0xBA9A (likely belonging to the same whale) came back after 3 months of inactivity and spent $10.93M to buy 5,350 $ETH at $2,043.”
The ongoing Iran-Israel conflict has made the markets a bit mellow to explore, pushing up dormant whales to act up again. The steady rise of the tokenization story, along with speculations on the Clarity Act launch in the middle of the year, are also contributing to the credibility for the ETH price.
JUST IN: JPMORGAN CALLS FOR CLARITY ACT TO PASS 🇺🇸. America’s biggest bank now publicly supports crypto legislation. JPMorgan claims that passing the Clarity Act will accelerate institutional adoption, and enable tokenization on a large scale. Clarity in regulation. Institutional participation. Real-world assets tokenized. Capital markets are on-chain. “This is the biggest U.S. Bank publicly asking Congress for the definition of rules on the crypto market.”
Where’s ETH Headed At Present?
According to Tex Pillows, the rising geopolitical uncertainties are adding more to ETH woes. If Ethereum is unable to handle the $2000 price level, its value may shift down further, pushing the asset to trade at $1800 in the near future.
“$ETH got rejected from the $2,000 level again. The US-Iran situation is still escalating, which is bad for risk-on assets. If Ethereum is unable to reclaim the $2,000 level soon, a correction towards the $1,850 zone will happen.”
Per Javon Marks, Ethereum’s future is still bright as its price chart is still holding onto a hidden bullish divergence. If all goes well, the price of the asset may rise as high as $4800 in the near future.
“$ETH continues to hold a hidden bullish divergence. This pattern comes about through prices forming higher lows and the RSI making lower lows and hints at prices having the potential to fully recover and continue! A recovery and continuation for Ethereum can consist of an over 150% move back towards the all-time high price areas at $4,800+…”
Also Read: Crypto Market: What the Latest US Bill Means For Crypto Domain
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Source: watcher.guru
