Ethereum Whales Accumulate 1 Million ETH as Price Nears Key Support Levels

In recent times, significant whale activity has been observed in Ethereum. In just the last 48 hours, well-heeled investors have added more than a million ETH to their portfolios. This notable accumulation by high-net-worth individuals has led to rampant speculation that these big players have some sort of insider knowledge or are at least making a very bullish bet on Ethereum ahead of what many hope will be a sharp price rebound.

Ethereum’s recent price movements have brought the asset nearer to levels that have offered long-term investors solid returns in the past. Since 2016, buying Ethereum whenever it dips below the Market Value to Realized Value (MVRV) ratio has proved to be a profitable strategy. The MVRV is a metric that compares the current market value of the asset to its realized value. When Ethereum has traded below the MVRV, it has typically indicated a favorable entry point. The asset provides investors with strong returns in the subsequent market rally.

Considering this strategy’s historical success, a watching cohort of traders has trained its collective attention on whether the present MVRV dip beneath might just be signaling Ethereum’s next big buying opportunity. Another rumbling factor is the Ethereum whale class. These accumulation-heavy market actors, in seeming concert, have pushed Ethereum prices down to where they are today. Do they see current price levels as a similar value to what they were in the past, expecting another big Ether cycle pay-off?

Ethereum’s price chart is currently spotlighting some essential obstacles, with traders and analysts directing their attention toward certain crucial levels. These individuals gauge these levels to try and understand where the next principal price move might occur. The biggest sticking point for Ethereum right now is the resistance zone around $2,460. At this level, 10.95 million holders apprehended 64.52 million ETH. This means there is a significant supply at this price point. If Ethereum can punch through this level, it could reignite the somewhat muted bullish momentum that we have seen in this market.

Conversely, as long as Ethereum stays above $2,200, the price could well see a rebound. It’s hovered around there too many times to not consider the $2,200 level a psychological support price in the previous market cycle—and in this one, so far. Besides giving off