Ethereum (ETH) Price Rebounds 10% as Whales Seize the Buying Opportunity

After experiencing the worst crash in 2024 during the past 48 hours, the crypto market – led by Bitcoin (BTC) and Ethereum (ETH) rebounded significantly today.

Following a market-wide crypto crash on Monday, led by declines in Bitcoin (BTC) and Ethereum (ETH), the crypto market has experienced a significant rebound today.

As per the latest crypto data, the total crypto market cap increased by around 5 percent to regain above $2 trillion on Tuesday during the early Asian session.

After bouncing off a crucial support level of around $2,171, Ethereum’s price rallied more than 10 percent to reach a daily high of about $2,547. In the past 24 hours, as crypto volatility heightened, approximately $633 million had been liquidated from the industry.

Collectively, the crypto market crashed on Monday along with major global stock indexes. During this time, the fear and greed index for Ethereum dropped to as low as 17 percent, indicating extreme fear of further capitulation.

However, whale investors grew greedy and seized the opportunity, as shown by on-chain data analysis. Additionally, the crypto market is expected to continue with a bullish outlook in Q4 after choppy August and September quarters.

For instance, a whale withdrew 16,236 Ether, valued at around $40 million, from the HTX exchange.

Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!

This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).

Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74

In the meantime, the net cash inflow into the US-based spot Ether ETFs on Monday was about $1.64 million, with VanEck’s ETHV and Fidelity’s FETH leading the pack.

From a technical perspective, Ethereum’s price against the US dollar is well positioned to revisit its all-time high in the near term, fueled by positive fundamentals. Moreover, the large-cap altcoin, which has a fully diluted valuation of about $302 billion, has been forming macro higher highs and higher lows, which are established characteristics of a rising market.

The above is the detailed content of Ethereum (ETH) Price Rebounds 10% as Whales Seize the Buying Opportunity. For more information, please follow other related articles on the PHP Chinese website!