Ethereum whales took advantage of Ether’s plunge below the $1,700 region to rack up millions of dollars worth of ETH over the past 24 hours, according to on-chain data published by Spot on Chain.
As market analysts and on-chain metrics have recently suggested that cryptocurrency markets have entered a bullish first season, the regulatory onslaught launched by US regulatory watchdog the Securities and Exchange Commission (SEC ), effectively delayed this transition.
The price of Ether, the world’s second-largest cryptocurrency, crashed to $1,626 on June 15, its lowest level in as many months, presenting investors with a juicy opportunity to boost their cash reserves. ‘ETH.
According to on-chain data from Spot on Chain, crypto whales have racked up millions of dollars worth of ETH and staked ETH (stETH) over the past 24 hours as investor confidence gradually returns to the markets.
According to the researchers, a wallet address belonging to an unnamed whale traded 20 million USDT of stablecoins for 12,100 stETH at an average price of $1,652 more than 25 hours ago. In a similar vein, 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 price of ETH has seen an increase of 2.15% in the last 24 hours. With 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.
The recent decline in ETH price below the critical support level of $1,700 suggests a possible short-term bearish trend. The next level of support to watch is $1,500. If ETH fails to hold the $1,500 support level, the price could drop 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 currently oversold. It remains to be seen whether ETH will reverse higher or continue its free fall.