Ethereum whales have taken advantage of ether’s drop below the $1,700 region to accumulate millions of dollars’ worth of ETH in the past 24 hours, according to on-chain data from Spot on Chain.
While market analysts and on-chain metrics have recently suggested that cryptocurrency markets have entered an early bull season, a regulatory onslaught launched by the US regulatory watchdog, the Securities and Exchange Commission (SEC) has effectively delayed the turnaround.
The price of ether, the second largest cryptocurrency in the world, fell to the $1,626 level on June 15, its lowest drop in several months, providing a great opportunity for investors to increase their stock of ETH.
According to on-chain data by Spot on Chain, crypto whales have accumulated millions of dollars worth of ETH and ETH (stETH) in the past 24 hours as investor confidence is gradually returning to the markets.
According to the researchers, a wallet address belonging to an unnamed whale exchanged 20 million USDT stablecoins for 12,100 stETH at an average price of $1,652 over 25 hours ago. In the same vein, a whale called bobby1337.eth exchanged $2 million 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 seen an increase of 2.15% over the past 24 hours. With the current price of $1,668.75, ETH has fallen -9.52% in the past seven days. Ether currently has a market cap of $200,597,004,866 and a circulating supply of 120 million ETH.
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The recent drop in ETH price below the critical support level at $1,700 indicates a possible bearish trend in the near term. The next level of support that you should pay attention to is the $1,500 level. If ETH fails to hold the support level at $1,500, then the price could collapse further towards the $1,000 level.
However, the Relative Strength Index (RSI) is showing a value of 24.43 on the daily time frame. This indicates that ETH is oversold at the moment. It remains to be seen if ETH will return to the upside or continue its free fall.