Key Insights:
- Ethereum exchange reserves fall to record lows, tightening supply and fueling price movements.
- Whale buys $138 million in ETH, signaling strong institutional confidence in Ethereum’s future.
- ETH bounces from $4,466 support and moves toward $4,772, increasing market optimism.
Ethereum (ETH) exchange reserves have fallen to record lows as an enormous whale continues to accumulate substantial amounts of the cryptocurrency. This trend is drawing attention, with Ethereum’s price seeing noticeable movements and expectations building in the market.
Whale Purchases $138 Million in Ethereum
According to TedPillows, a whale recently bought Ethereum worth $138,460,000, adding to the growing interest in ETH. This large-scale purchase is part of a broader trend in which institutional investors have increased their stakes in Ethereum.
It is a reminder that despite fluctuations in price, large investors are showing continued confidence in the digital asset. This suggests that dips in Ethereum’s price are being seen as buying opportunities by large holders.
Ethereum Price Moves Toward $4,772
However, Ethereum recently bounced from a support level around $4,466, rapidly trading towards a resistance level of $4,772. This price movement reflects growing market confidence in Ethereum.
With institutional buyers pushing demand for Ethereum, market participants are closely watching the price to see if it can break past the $4,772 resistance level. As per Ted, Ethereum bounced from the $4,466 support and is now trading towards the $4,772 range high.
Lower dips in Ethereum’s price are being seen as opportunities to buy, which could further drive up its price in the short term. With large buyers continuing to accumulate, investors remain focused on the outlook for Ethereum’s price.
Ethereum Exchange Reserves Hit Record Low
Meanwhile, Ethereum exchange reserves have recently reached their lowest level ever, with only 18.5 million ETH left on exchanges. This decline in reserves suggests a tightening supply, which could influence future price movements.
As the reserves decrease, fewer Ethereum tokens are available for sale on exchanges, which may lead to increased scarcity. Crypto analyst Merlijn The Trader, shared his observations that Ethereum reserves on exchanges have just hit record lows, with only 18.5 million ETH remaining.
As more large buyers enter the market, there could be added pressure on the remaining supply. Ethereum is currently priced at $4,616.64, with a 24-hour trading volume of $60B. The asset has increased by 1.64% in the past 24 hours.
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