{"id":396069,"date":"2024-05-31T14:30:10","date_gmt":"2024-05-31T09:00:10","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=396069"},"modified":"2024-05-31T17:33:34","modified_gmt":"2024-05-31T12:03:34","slug":"ethereum-whales-dive-into-eth-at-3-7k-should-you-join","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-whales-dive-into-eth-at-3-7k-should-you-join\/","title":{"rendered":"Ethereum whales dive into ETH at $3.7K &#8211; Will the market follow?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Ethereum\u2019s exchange reserve declined sharply on the 30th of May.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Metrics suggested that ETH was in an overbought position.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><\/a><span style=\"font-weight: 400;\"> enthusiasts got excited last week as the king of altcoins\u2019 price once again exceeded $3.9k. However, ETH couldn\u2019t hold its momentum and soon fell from that level. In the meantime, whales took the opportunity to stockpile more ETH.\u00a0\u00a0<\/span><\/p>\n<h4><b>Interest in Ethereum is growing\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">ETH had a rollercoaster ride last week as it managed to go above $3.9k on the 27th of May. But bears arrived soon as its value dropped. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was interesting to note that the ETH ETF approval couldn&#8217;t propel substantial growth for the coin over the last week. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, ETH was down by over 1% in the last seven days. At the time of writing, the token was trading at $3,759.66 with a market capitalization of over $451 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the token\u2019s price volatility remained high, whales made their move. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A<\/span><span style=\"font-weight: 400;\">li, a popular crypto analyst, recently posted a <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/1796137229015798124?t=M8htWBeDOmpGDbWxX9Rpyg&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting that there&#8217;s been a notable increase in Ethereum addresses holding more than 10,000 ETH. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This increase in the number of addresses suggested that whales were moving from a distribution phase to an accumulation phase. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s look at Glassnode\u2019s data pointed out yet another metric that suggested a rise in accumulation. Ethereum\u2019s balance on exchanges witnessed a major decline on the 30th of May, indicating high buying pressure.<\/span><\/p>\n<figure id=\"attachment_396071\" aria-describedby=\"caption-attachment-396071\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-balance-on-exchanges-total-eth-all-exchanges.png\"><img decoding=\"async\" class=\"wp-image-396071 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-balance-on-exchanges-total-eth-all-exchanges.png\" alt=\"Ethereum's supply on exchanges dropped\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-balance-on-exchanges-total-eth-all-exchanges.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-balance-on-exchanges-total-eth-all-exchanges-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-balance-on-exchanges-total-eth-all-exchanges-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-balance-on-exchanges-total-eth-all-exchanges-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-balance-on-exchanges-total-eth-all-exchanges-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-balance-on-exchanges-total-eth-all-exchanges-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-396071\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4><b>The flip side of the story<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Though the aforementioned data suggested that investors were buying ETH, AMBCrypto\u2019s look at CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/eth\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed a different story. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per our analysis, Ethereum\u2019s net deposit on exchanges was high compared to the last seven-day average, hinting at a rise in selling pressure. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On top of that, ETH\u2019s Coinbase Premium was red. This clearly meant that selling sentiment was dominant among US investors. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A possible reason behind this could be ETH being overbought. Both ETH\u2019s Relative Strength Index (RSI) and stochastic were in overbought positions.\u00a0<\/span><\/p>\n<figure id=\"attachment_396072\" aria-describedby=\"caption-attachment-396072\" style=\"width: 1958px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-31-at-10.42.39\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-396072 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-31-at-10.42.39\u202fAM.png\" alt=\"\" width=\"1958\" height=\"454\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-31-at-10.42.39\u202fAM.png 1958w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-31-at-10.42.39\u202fAM-300x70.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-31-at-10.42.39\u202fAM-1024x237.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-31-at-10.42.39\u202fAM-768x178.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-31-at-10.42.39\u202fAM-1536x356.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-31-at-10.42.39\u202fAM-1200x278.png 1200w\" sizes=\"(max-width: 1958px) 100vw, 1958px\" \/><\/a><figcaption id=\"caption-attachment-396072\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto then analyzed Ethereum\u2019s daily chart to see how this change in buying and selling pressure might impact its price in the coming days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The technical indicator MACD displayed the possibility of a bearish crossover. The Money Flow Index (MFI) registered a slight downtick. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per Bollinger Bands, ETH\u2019s price was in a highly volatile zone and was still resting well above its 20-day Simple Moving Average (SMA). <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Therefore, if the price decline continues, then ETH might first plummet to its 20-day SMA before rebounding.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nonetheless, the Chaikin Money Flow (CMF) looked bullish as it went northward. This might allow ETH to break above its resistance at $3.789k sooner than expected.\u00a0<\/span><\/p>\n<figure id=\"attachment_396073\" aria-describedby=\"caption-attachment-396073\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25.png\"><img decoding=\"async\" class=\"wp-image-396073 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25.png\" alt=\"\" width=\"2710\" height=\"1516\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25-1024x573.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25-768x430.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25-1536x859.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25-2048x1146.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-31_10-51-25-1200x671.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-396073\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><br style=\"font-weight: 400;\" \/><br style=\"font-weight: 400;\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whales started to accumulate Ethereum while its price dropped after touching $3,900.<\/p>\n","protected":false},"author":75,"featured_media":396078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-396069","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum whales dive into ETH at $3.7K - Will the market follow? 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