- Over 140k ETH was accumulated by whales in the last 24 hours, signaling strong buying pressure
- Bybit’s $1.1 billion ETH hack shook the market, but speculation around stolen ETH sales could affect price action
Ah, Ethereum [ETH], that capricious mistress of the digital realm! In the last 24 hours, our illustrious whales have amassed a staggering 140,000 ETH, as if they were collecting rare butterflies. How delightful! This accumulation, however, waltzed in hand-in-hand with a rather scandalous hack on Bybit. One must wonder, is it a dance of fortune or folly?
In a most unfortunate turn of events, over 405,000 ETH, worth a princely sum of $1.1 billion, were spirited away from the exchange, like a magician’s disappearing act. Naturally, this has ignited a veritable bonfire of speculation regarding potential sell-offs and buybacks, leaving Ethereum’s future as uncertain as a cat in a room full of rocking chairs.
Ethereum whales continue to accumulate
According to the whispers of on-chain data, our large Ethereum holders have been on a shopping spree, increasing their positions with the fervor of a child in a candy store. In just 24 hours, wallets holding between 10,000 and 100,000 ETH have gobbled up 140,000 ETH. Meanwhile, those with between 100,000 ETH and 1 million ETH have also joined the fray, as if they were in a race to the bottom of the ocean.
This delightful uptick follows a trend where whales have been buying dips, perhaps signaling a confidence in ETH’s long-term prospects—or perhaps they simply enjoy the thrill of the chase!
From a price action perspective, ETH has rebounded slightly, trading at $2,692.35 after a modest 1.15% hike. Yet, the 50-day moving average looms above like a stern schoolmaster, warning that resistance may curtail any exuberant upside in the near future.
Market sentiment after the Bybit hack
The latest Bybit security breach, which led to the unauthorized outflow of 405,000 ETH, has raised eyebrows and concerns about immediate sell pressure. Historically, such incidents have led to heightened volatility, as affected entities scramble to recover their stolen treasures, sometimes resulting in large-scale liquidations. Oh, the drama!
Analysts, those ever-optimistic seers, predict that the stolen ETH could either flood the market, sending prices plummeting, or that institutional buybacks might swoop in like gallant knights to stabilize the price.
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However, an increase in transactions from whale wallets suggests that our larger market participants have been adjusting their strategies, perhaps plotting their next grand move.
A tenuous recovery?
As we pen this tale, Ethereum’s price chart reveals it remains in a consolidation phase, much like a cat contemplating its next nap. The MACD indicator, positioned below zero, hints at weak momentum—oh, the suspense!
Yet, a potential crossover could signal a shift in trend, much like a plot twist in a riveting novel. The accumulation/distribution metric highlights that while some traders are offloading ETH, others are still buying, as if they were at a grand auction.
If ETH manages to break above the $2,802 resistance level, a rally towards $3,000 could be in play. However, should it falter, we may see the asset retest support around $2,500, like a weary traveler returning to familiar ground.
ETH’s short-term trajectory
Ethereum finds itself at a crossroads, as whale accumulation counterbalances
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2025-02-23 00:11