Ethereum clawed back from a 4.5% dip to record a whopping 5% rise in the last 24 hours. ETH rose to $4,600 from its key support at $4,400 within a day as the market bull went on a buying spree.
Based on Arkham data, three hours ago, nine massive wallets bought $456 million in Ethereum. A few hours before this significant purchase, Bitmine added $21.3 million worth of ETH to add to its gigantic holding valued at $6.8 billion.Â
BlackRock is also bullish on Ethereum, adding over $300 million in ETH to its holdings. With close to $800 million spent on Ethereum in the last few hours, the top altcoin reversed its bearish run.
Bull Keep Accumulating Ethereum
Ethereum is getting all the attention, and it’s not stopping soon. Before today’s huge purchase, totaling approximately $800 million, a crypto whale acquired $2.5 billion in ETH. And after making $50 million in trading profits, the whale reinvested the proceeds into ETH, spending all the profit on Ethereum.Â
This ongoing wave of institutional and whale purchases is set to push Ethereum back up. If buys continue, this would defend the ETH position at $4,400, and it could test between $4,800 $5,200.
