Ethereum whales have taken advantage of ether’s dip below the $1,700 region to accumulate millions of dollars worth of ETH in the last 24 hours, according to on-chain data released by Spot on Chain.
While market analysts and on-chain metrics recently suggested that the cryptocurrency markets have entered an early bull season, the regulatory onslaught embarked upon by the US regulatory watchdog, the Securities and Exchange Commission (SEC) has effectively delayed that transition.
The price of ether, the world’s second-largest cryptocurrency crashed to the $1,626 mark on June 15, its lowest ebb in as many months, presenting a juicy opportunity for investors to increase their ETH stashes.
Per on-chain data by Spot on Chain, crypto whales have accumulated millions of dollars worth of ETH and staked ETH (stETH) in the past 24 hours as investor confidence gradually returns to the markets.
According to the researchers, a wallet address belonging to an unnamed whale swapped 20 million USDT stablecoin for 12,100 stETH at an average price of $1,652 over 25 hours ago. In the same vein, a whale named bobby1337.eth swapped 2M USDT for 1,200 units of stETH at an average price of $1,672 over 12 hours ago.
Ethereum price analysis
The price of ETH has experienced an increase of 2.15% in the past 24 hours. With a current price of $1,668.75, ETH is down by -9.52% in the past seven days. Ether currently has a market capitalization of $200,597,004,866 and a circulating supply of 120 million ETH.
The recent ETH price decrease below the critical support level of $1,700 suggests a possible bearish trend in the near term. The next level of support to watch out for is $1,500. If ETH fails to hold the support level of $1,500, the price may further crash toward the $1,000 level.
However, the Relative Strength Index (RSI) indicator shows a value of 24.43 on the daily timeframe. This suggests that ETH is oversold at the moment. It remains to be seen whether ETH will reverse to the upside or continue its freefall.