As ETH Tanks Towards $3,000, Whales Accumulate and Bulls Remain Hopeful

IconCryptoNewsTerminal Staff02 Aug, 2024

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As ETH Tanks Towards $3,000, Whales Accumulate and Bulls Remain Hopeful

Ethereum is once again approaching a key support level at $3,000. Historically, the $3,000 mark has been a strong support level for the cryptocurrency. Data from IntoTheBlock shows that over 1.7 million addresses have previously bought Ether at or below this price point. If ETH breaks below $3,000, it could fall further to $2,700 or even lower. However, many analysts believe that the $3,000 level will hold and that ETH will eventually rebound. One reason for optimism is that whales are accumulating ETH. Data from Santiment shows that the number of addresses holding more than 10,000 ETH has increased in recent weeks. This suggests that large investors are betting on ETH's long-term potential. Another reason for optimism is that the fundamentals of ETH remain strong. The Ethereum network is still the most popular blockchain for decentralized applications (dApps). And the number of dApps being built on Ethereum is growing rapidly. Of course, there are no guarantees in the crypto market. But the combination of strong support, whale accumulation, and bullish fundamentals suggests that ETH is a good investment for the long term.

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