Ethereum Whales Accumulate $422M in 24 Hours

Ethereum Whales Accumulate Over $422 Million Worth of ETH in 24 Hours, Says Crypto Analyst

A prominent crypto analyst has revealed that deep-pocketed investors, often referred to as "whales," have been actively accumulating Ethereum (ETH) over the past 24 hours. According to data from crypto analytics firm Santiment, these whales have purchased over $422 million worth of ETH in just one day.

At the time of writing, ETH is trading at approximately $2,221, indicating a significant increase in demand from these large investors. This accumulation could suggest that Ethereum is poised for further growth in the near future.

In addition to Ethereum, the analyst also provided insights into Bitcoin (BTC) and Dogecoin (DOGE). For Bitcoin, the analyst identified crucial support and resistance levels based on investor cost basis. The strongest resistance for BTC sits at $97,828.56, where 360,470 BTC were accumulated. Meanwhile, the biggest support is at $64,078.53, backed by 194,530 BTC.

At the time of writing, Bitcoin is trading for approximately $86,356, indicating a strong position within its identified support and resistance levels.

Turning to Dogecoin, the analyst noted that the altcoin is currently respecting a key support level at $0.185. This suggests that Dogecoin may be poised for further growth if it can maintain this support level.

At the time of writing, DOGE is worth approximately $0.206, indicating a slight increase from its key support level.

Lastly, the analyst provided insights into the payments altcoin XRP. The crypto strategist suggested that XRP may drop to as low as $1.65 as it trades within an ascending channel. An ascending channel is a pattern that suggests an asset is in an uptrend, as it respects the diagonal support and resistance levels of the structure.

At the time of writing, XRP is trading at approximately $2.24, indicating a strong position within its ascending channel.