Over 140k ETH Accumulated by Whales in 24 Hours

Strong Buying Pressure

Ethereum (ETH) has experienced a notable market shift, with whales accumulating another 140,000 ETH in the past 24 hours. This accumulation coincides with a major hack on Bybit.

Over 405,000 ETH, worth about $1.1 billion, was drained from the exchange and spread across various wallets. This event has spurred speculation regarding potential sell-offs and buybacks, which cast uncertainty on Ethereum’s near-term price trajectory.

Ethereum Whales Continue to Accumulate

On-chain data indicates that large Ethereum holders have been increasing their stakes recently. In just one day, wallets holding between 10,000 and 100,000 ETH gathered an additional 140,000 ETH. There has also been activity from wallets with 100,000 to 1 million ETH.

This trend follows a pattern where whales are buying dips, possibly reflecting confidence in ETH’s long-term prospects. Price-wise, ETH saw a slight rebound, trading at $2,692.35 with a 1.15% increase, although the 50-day moving average remains above current prices, indicating potential resistance.

Market Sentiment After the Bybit Hack

The recent Bybit breach, resulting in losses of 405,000 ETH, has raised concerns regarding immediate sell pressure. Such incidents historically lead to increased volatility as affected parties try to recover lost funds, sometimes causing extensive liquidations.

Analysts predict that the stolen ETH could either flood the market, pushing prices down, or that institutional buybacks might stabilize prices. On-chain metrics show mixed investor reactions. While the number of new Ethereum addresses has stayed stable, indicating retail traders are not making drastic moves, whale transactions suggest larger market players are adjusting their strategies.

A Tenuous Recovery?

Currently, Ethereum’s price chart indicates a phase of consolidation. The MACD indicator is below zero, implying weak momentum. However, a potential crossover might signal a trend change. Furthermore, the accumulation/distribution metric suggests while some traders are selling ETH, others continue to buy.

If ETH surpasses the $2,802 resistance, a rally towards $3,000 could follow. Conversely, a failure to maintain current levels might lead to a retest of support around $2,500.

ETH’s Short-Term Trajectory

Ethereum finds itself at a crucial juncture, with whale accumulation countering potential selling pressure from the Bybit hack. The market’s direction hinges on whether institutional buybacks can foster price stability or if the influx of stolen ETH leads to further declines. With strong whale interest and technical indicators hinting at a potential recovery, ETH traders should carefully observe price movements and on-chain activity in the coming days.