Ethereum Whale Buys $13M of ETH, Bullish Signal?

Amid this bearish market sentiment, crypto whales are beginning to present curiosity in Ethereum (ETH), the second largest cryptocurrency by market capitalization. On September 18, 2024, on-chain analytics firm Lookonchain posted a message on at a mean value of $2,316.

ETH Buyback Earlier than Fed Determination

By doing this, this whale has misplaced 30.8 ETH value $71,400 in sooner or later. Nevertheless, this huge Ethereum buyback came about simply earlier than the Fed’s rate of interest minimize announcement. It seems that this whale might have anticipated the influence of the Fed’s determination, which might clarify why the acquisition was made through the opening bell of the US inventory market.

Bearish statistics within the chain

Regardless of this huge ETH buy, the on-chain metrics nonetheless ship a bearish sign. In keeping with the on-chain analytics firm Mint glassETH’s Lengthy/Brief at present stands at 0.966, indicating bearish market sentiment amongst merchants. Moreover, future open curiosity has fallen 2.5% over the previous 24 hours, indicating lowered curiosity from merchants, seemingly as a result of bearish market outlook.

When combining all the information, it seems that present sentiment is sort of bearish and merchants are hesitant to construct lengthy or quick positions. Presently, 50.85% of the highest ETH merchants have quick positions, whereas 49.15% have lengthy positions. This means that bears are at present dominating the asset.

Technical evaluation of Ethereum and upcoming ranges

In keeping with the knowledgeable technical evaluation, ETH appears bearish and is at present at an important assist stage at USD 2,230. Furthermore, it faces resistance from the descending pattern line. Primarily based on the historic value momentum, ETH value might rise to the $2,800 stage if the day by day candle closes above the $2,470 stage.

In the meantime, ETH’s Relative Energy Index (RSI) is in oversold territory, indicating a doable value reversal within the coming days.

On the time of writing, ETH is buying and selling across the $2,300 stage and has skilled a value drop of over 2.5% within the final 24 hours. Over the identical interval, buying and selling quantity elevated by 10%, indicating higher dealer participation through the market downturn.