Ethereum whales accumulate 600K ETH amid price dip

Ethereum (CRYPTO:ETH) has seen a considerable accumulation by large investors, known as "whales," who have purchased over 600,000 ETH in the past week.

This surge in buying activity has occurred in the context of price fluctuation, offering an opportunity to buy at potentially lower prices.

The accumulation occurred even as ETH experienced a price dip from $2,800 to $2,600, presenting a "buy-the-dip" opportunity.

Crypto analyst Ali Martinez highlighted this trend, noting the contrast between whale accumulation and the cautious behavior of retail investors.

While whales have been accumulating ETH, intraday traders are also showing confidence in Ethereum’s price movement.

Traders have accumulated $201 million worth of long positions at the price of $2,567, reflecting a belief in the upward potential of Ethereum.

However, traders are also holding short positions, with $60 million worth of short bets placed at the price of $2,635, demonstrating disagreement in market sentiment.

This buying activity has contributed to renewed momentum for Ethereum, with the price currently trading around $2,730.

This revelation triggered a strong 5.65% price increase that momentarily drove ETH to $2,776 before returning to current levels.

Ethereum faces key resistance levels at $2,780, a psychological barrier at $2,800 to $2,820, and a key target for bulls at $3,000.

A successful push above $3,000, which aligns with the 200-day moving average, could spark a rally toward higher price levels.

At the time of reporting, the Ethereum (ETH) price was $2,718.02.