Whale Investor Buys $127 Million ETH Amid Market Downturn

Ethereum (ETH) has shown resilience, maintaining a price near $2,547 following a significant purchase by a whale investor. The investor acquired 48,825 ETH, valued at approximately $127 million, at an average price of $2,605 per token. This substantial investment occurred during a market downturn triggered by global tensions and the expiration of options contracts, indicating the investor's long-term strategy.

This is not the first large-scale move by this investor; the same wallet previously acquired ETH worth $30 million. The broader market experienced volatility due to conflicts in the Middle East and the expiration of over 242,000 ETH contracts on a major derivatives platform. Despite these challenges, the investor's confidence has reignited optimism, particularly as the $2,700 level remains a critical resistance point.

Technical analysis indicates that ETH is currently consolidating between its 23.6% Fibonacci support at $2,518 and resistance at the 50-period Exponential Moving Average (EMA) of $2,580. For bullish investors, a buy signal could be triggered if ETH surpasses the 38.2% Fibonacci level near $2,568 and the 50 EMA, with a stop-loss just below $2,500 and upside targets at $2,607 and $2,647. Conversely, bearish investors might consider shorting below $2,518, with a stop-loss above $2,540 and downside targets at $2,440 and $2,300.

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