Ethereum Crashes 10% to $3,150 Support — Whale Buys $1.3B ETH: Smart Money or Trap?
Ethereum has taken a significant hit, plunging 10% to a key support level of $3,150. Amid the turmoil, a large investor has scooped up $1.3 billion worth of ETH. Is this a shrewd move by an informed player, or a potential misstep? This article delves into the current landscape, exploring which coins might be poised for growth.
Ethereum Edges Higher with Room for Growth
Source: tradingview
Ethereum's current price hovers between over three to nearly four thousand dollars. Despite recent drops of about 5% in the last week and just over 24% in the past month, there's hope. The coin has grown by more than 26% over six months. With the current price patterns, Ethereum could rise towards its nearest resistance of over four thousand dollars and beyond. If the momentum continues, it might aim for the second resistance level of over five thousand dollars, meaning an increase of around 30%. These levels give investors some confidence as they eye the cryptocurrency's potential comeback.
Conclusion
The drop in ETH to $3,150 has sparked significant interest. A whale made a substantial purchase of $1.3B in ETH. This action raises questions on whether it is a strategic move or a potential trap. Observers are keen to see if this signals confidence or if more declines are ahead. The future movements of ETH, along with other major coins like Bitcoin and Cardano, remain closely watched.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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