Key Points:
- Ethereum’s price faces challenges but shows signs of recovery, with whales buying $150 million in ETH calls.
- ETH struggles to surpass $1,650, aligning with Bitcoin’s market difficulties.
- Underlying factors like decreased supply and increased staked ETH hint at future price potential.
Ethereum, the second-largest cryptocurrency, has been wrestling with significant price challenges, but recent developments in whale activity hint at a potential rebound.
On September 11th, Ethereum’s value was put to the test when it dipped to the $1,530 support level. However, promising signs of whale accumulation suggest a brighter future for this altcoin.
Data from Greeks.live reveals that within the last hour, over 40,000 ETH Block calls were executed, with the majority opting for 29DEC23-2200-C. Furthermore, almost 50,000 ETH calls for 27OCT23-2000-C were purchased the previous night. This surge in call options trading amounted to a staggering 92,600 ETH. A notable whale invested $150 million in notional ETH calls, all of which were naked buys, signaling bullish long-term expectations.
Ethereum’s price managed to breach the $1,620 resistance level. However, it struggles to gather momentum beyond the $1,650 mark, mirroring Bitcoin’s challenge.
A recent alert from Whale Alert raised eyebrows in the crypto world, hinting at Ethereum whales potentially devising an exit strategy. This alert disclosed a substantial transfer of 22,343 ETH.
While ETH’s price may appear stagnant since last September, trading around $1,600, underlying factors like ETH derivatives and network activity could hold the key to the elusive $1,800 milestone. Significant developments under the surface, such as a decrease in Ethereum‘s overall supply and a notable increase in staked ETH, suggest the potential for positive price movement.
In a market known for its volatility, Ethereum’s fate remains uncertain, but the actions of influential whales and developments within the network continue to be closely monitored by investors.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
