Summary
TLDR: Crypto whales have invested $35.11 million in stablecoins into Ethereum, boosting its price past $3,400. These transactions have established strong support levels for Ethereum’s price, potentially shaping its near-term trajectory. There is a possibility of resistance at certain price levels, but some analysts believe Ethereum has found a local bottom and is poised for an upward movement.
Key Points
1. Crypto whales have channeled $35.11 million in stablecoins into Ethereum, pushing its price past $3,400.
2. Transactions by these crypto whales have established a strong support level for Ethereum’s price between $3,328 and $3,428, with potential resistance at $3,433 to $3,534.
3. On-chain analytical platform Spot On Chain reveals strategic plays by crypto wallets, indicating a potential upward trajectory for Ethereum’s price in the near term.