Ethereum Reaches Inflow Milestone as Whales Bet Bullish on ETH

In an important development in the market, the second largest cryptocurrency on the market, Ethereum (ETH), reached an inflow milestone not seen since March amid renewed confidence in the token from whales, who continue to bet big.

According to data released by cryptocurrency analytics platform IntoTheBlock on June 1, large Ethereum holders recorded a net inflow of 267,000 ETH tokens on June 6, which marked the largest daily accumulation by whales since March.

On Thursday, large ETH holders recorded a net inflow of 267k $ETHmarking the highest daily accumulation since March. pic.twitter.com/uBBhRpCxRz

— IntoTheBlock (@intotheblock) June 10, 2024

Ethereum also recorded an important performance last week in light of its best week of inflows since March, according to the latest report from CoinShares, released on June 10. The market’s second-largest cryptocurrency saw inflows of $69 million, suggesting a positive reaction to the approval of spot Ethereum exchange-traded funds (ETFs).

Additionally, renowned cryptocurrency analyst Ali Martinez noted in a recent analysis that the number of Ethereum addresses holding more than 10,000 ETH tokens has increased by 3% over the past three weeks. According to the expert, this growth signals a significant increase in purchasing pressure.

At the time of publication, the price of Ethereum was quoted at US$3,675.33, down 0.4% in the last 24 hours. Currently, Ethereum (ETH) trading volume is US$7,527,150,390 in the last 24 hours, representing an increase of 15.60% compared to the previous day which signals a recent increase in market activity.

Ethereum Price Analysis

Ethereum price after falling near $3,600 is facing resistance at $3,720 and $3,750. A close above $1,750 could increase the chances of a move to $3,850.

On the downside, if ETH fails to break the 3,700 levels, it could fall to $3,350.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.