Ethereum price It fell below $3,400. Although it was the first decline since August, large investors appear to have used the correction as a buying opportunity. According to data, whales Accumulate huge amounts of ETH Within a short window.
This build-up coincides with Ethereum recording a new network throughput milestone, further supporting the argument that the cryptocurrency remains strong even while its price is weak.
The whale collected $1.12 billion worth of ETH in 48 hours.
Data from on-chain analytics platform Lookonchain shows some Ethereum whale addresses have accumulated a total of 323,523 ETH worth approximately $1.12 billion in the last 48 hours.
One of the largest purchases came from whales, which purchased 257,543 ETH worth approximately $896 million, at an average price of $3,480 per ETH. Another cluster of addresses, which Lookonchain calls the “seven brothers,” added 37,971 ETH worth a total of $133 million, at an average price of $3,515.
The data also showed that through over-the-counter trading, a whale known as Ethereum swing trading acquired 14,004 ETH for approximately $45.5 million. This address purchased this ETH at an average price of $3,247, which is exactly close to the recent low.
Two newly created wallets also purchased 10,000 ETH and 4,005 ETH respectively, for a total of over $47 million. In total, whales have accumulated 323,523 ETH at an average price of $3,469, showing how most are taking advantage of the price discount below $3,400.
Weak prices could set the stage for a breakout.
Even though Ethereum’s decline That made some traders nervous. Whale accumulations may also point to optimistic days ahead. Large accumulations below $3,400 contributed. For a successful defense of $3,200. This follows an accumulation trend leading to maintenance of support levels.
If ETH maintains stability above $3,200 support and on-chain activity continues to increase, the price could rebound above $4,000 before the end of the month. However, the first step is for Ethereum to reclaim $3,800 and record a weekly close above that level.
Interestingly, Ethereum’s network performance has maintained a level of robustness despite market corrections. The blockchain ecosystem recently achieved a new record throughput of 24,192 transactions per second (TPS), setting a new benchmark for activity across the network.
Featured image from iStock, chart from Tradingview.com
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