Bitcoin Price Hits $64,000, Altcoins Struggle to Recover Losses: Bitcoin’s price has reached $64,000 again, but altcoins have not fully recovered from the recent dip. Short-term fluctuations like these are considered normal. Crypto whales, however, continue to make purchases in line with their medium and long-term goals. So, which altcoins saw $57 million in purchases in the last 24 hours?
Ethereum (ETH) Whales: Whales are once again making moves for Ethereum, according to Spot On Chain. The on-chain analyst, who examines whale transactions, is currently tracking a significant amount of ETH being withdrawn from the Binance exchange. The whale with the address 0x3d4 made its second major purchase, withdrawing approximately 8,877 ETH worth $29 million at a price of $3,267. It had previously withdrawn 14,877 ETH from the Binance exchange.
One whale, holding ETH worth $48.68 million, has an unrealized gain of approximately 14% at a cost of $2,863. Another whale, with the address 0x0d7, withdrew 1,800 ETH worth $5.71 million. The whale with the address 0x435, which withdrew 7,128 ETH, also stands out. The increased interest among whales indicates that the drop in ETH price may have reached attractive levels.
With the significant decrease in the likelihood of approval for a Spot Ether ETF, the ETH price has moved far away from the $4,000 level.
While Ethereum shows signs of recovery against BTC, it is difficult to be certain about a definite turnaround.
Ethereum Price Prediction: The $2,867 support level has become a bottom area for the downward movement that started at the end of March. Although there have been moments of extreme selling pressure, Ethereum (ETH) has not seen long-term closures below $3,000. However, there are still many challenging resistance levels that need to be overcome. For ETH, we need to see closings above $3,277, $3,320, and $3,650 levels against the USD pair for a clear return.
Breaking the parallel descending channel will accelerate the upward movement for Ethereum and target $4,095. However, for now, the current news flow does not seem to support this optimistic outlook.
The weakness in Bitcoin price is causing a further decrease in risk appetite for ETH.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.