As the cryptocurrency market recovers at its own gradual pace, the market seems to be attracting significant whale attention again. These whales are once again busy scooping up large amounts of crypto tokens at discounted prices, making their best bet against a volatile future. As geopolitical mayhem continues to intensify, the crypto market assets are currently trading at a lower price level, making it easier for whales to transact and accumulate. One such dormant Ethereum whales has ended up spending $10.9M to purchase 5K ETH in the last 24 hours. Will the crypto market rebound in the future and be stronger than ever? Let’s explore.
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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. This whale has purchased nearly 5350 ETH tokens at a current 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. At the same time, the rising tokenization narrative, coupled with the clarity act launch speculations in mid-year, is also adding credibility to the price of ETH at the same time.
JUST IN: JPMORGAN CALLS FOR CLARITY ACT TO PASS 🇺🇸. America’s largest bank is now openly backing crypto legislation. JPMorgan says passing the Clarity Act would accelerate institutional adoption and unlock tokenization at scale. Regulatory clarity. Institutional participation. Tokenized real-world assets. Capital markets on-chain. This is the largest U.S. bank publicly asking Congress to define the rules of 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+…”
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