Whales Buy 1M Ethereum (ETH) On Exchanges As Bulls Fight For Rebound
Ethereum price has now recovered above the $3,400 price after a tough decline. However, bearish pressure continues to weigh on the altcoin in the first week of August.
Data from CoinMarketCap indicates that the Ethereum price has plunged by 8.3% on the weekly chart. Whale accumulation is increasing despite the downturn in the Ethereum coin price.
According to the CryptoQuant data provided by Ali_Charts, over 1 million ETH have been taken out during the past two weeks. Such a massive withdrawal is an indication of accumulation, and SharpLink Gaming is one of the biggest purchasers.
Given this accumulation, investors’ interest in the Ethereum price is still bullish. Meanwhile, analysts are also bullish about the Ethereum price trajectory. Lau, a crypto model, referred to the DeFi crypto as a “life-changing coin.”
According to her, the Ethereum price has never disappointed investors. Lau forecasts that the Ethereum price may rally to $10,000 in the coming months.
Another expert called Crypto GEMs told his followers to buy the dip. They say the Ethereum price could pump to $5,000 in August.
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