Recent whale activity in Ethereum indicated significant buying during a price downturn, with over 340,000 ETH acquired by whales in three days, amounting to more than $1 billion.
This strategic accumulation during a period of crypto market decline has sparked speculation about a potential market rebound.
Historical trends suggest that such large purchases often precede market recoveries, leading to expectations of a possible increase in ETH’s price in the near future.
Has the Correction Ended Amid Long-Term Trend Indicators?
An analysis of Ethereum’s weekly chart suggests that the correction phase may be coming to a close.
Price movements have shown signs of stabilization, with retests of key technical indicators like the Tenkan and Kijun lines of the Ichimoku Kinko Hyo indicator.
Moreover, interactions with the Kumo Cloud’s Senkou Span A signal potential support levels, reinforcing the current price stability.
While bullish signals are present, there is a cautious outlook regarding a possible retest of the Kumo Cloud’s Senkou Span B, which could test market sentiment.
Long-Term Trend Directions (LTTD) scores for Ethereum have remained bullish, indicating an optimistic long-term outlook despite temporary fluctuations.
Recent price movements align with the LTTD score, suggesting sustained buyer interest and a positive trajectory for ETH’s price.
Spotting Ethereum ETFs Flow Trends
Ethereum ETFs, including BlackRock’s ETHA, witnessed significant outflows totaling around $103.7 million amid a week of market declines.
Similarly, Bitcoin ETFs also experienced notable outflows, marking a shift from previous weeks of inflows.
Despite these outflows, BlackRock increased its positions in both Bitcoin and Ethereum, accumulating substantial amounts of BTC and ETH.
These ETF movements reflect evolving market sentiments and could influence future trends in cryptocurrency investments.