The cryptocurrency market has seen significant volatility over the past month due to widespread uncertainty. However, the market is now recovering. In the wake of this recovery, a well-known analyst shared a post on X (formerly Twitter) that garnered significant attention in the crypto community.
Ethereum’s key support level
According to the post on X, Ethereum (ETH) is at a crucial support level between $2,314 and $2,435, where 2.14 million wallet addresses have acquired almost 51.67 million ETH. This sizable ETH acquisition at this level represents almost half of the total circulating supply of 120.26 million.
If this significant ETH holder reaches this level, it will be very difficult for ETH to fall below it. On the other hand, whales and investors see this level as a perfect buying opportunity as they continue to accumulate.
The whale’s recent Ethereum accumulation
On August 9, 2024, on-chain analytics firm Lookonchain published a post on X revealing that a wallet address “0x78d0” had purchased a massive 1,800 ETH worth $4.7 million near this level. Furthermore, this whale has accumulated a total of 37,800 ETH worth $99 million since May 2024, with an average price of $2,420.
Apart from that, whales and investors bought over 147,605 ETH worth $341 million during a recent price dip when ETH fell below the $2,200 mark. This whale action near this level indicates a perfect buying opportunity.
Ethereum Price Analysis
At press time, ETH is trading near the $2,570 mark and has remained stable over the past 24 hours. However, it hit an intraday high of $2,700 during Asian trading hours but fell slightly after the US market opened. At the same time, ETH’s trading volume has dropped by 10% during the same period. This drop in trading volume indicates less interest from investors.
