A significant development has occurred in the market as Ethereum (ETH), the second-largest cryptocurrency, reached a milestone in inflows not seen since March. This surge in confidence in the token has been driven by whales who are making big bets on its potential.
According to data released by cryptocurrency analytics platform IntoTheBlock on June 1, large Ethereum holders made a net inflow of 267 ETH tokens on June 6. This marks the largest daily accumulation by whales since March.
Last Thursday, large ETH holders saw a net inflow of 267k $ETH, the highest daily accumulation since March. Ethereum also had a strong performance last week, recording its best week of inflows since March. The latest report from CoinShares, released on June 10, revealed that the second-largest cryptocurrency received inflows of $69 million. This positive response is believed to be a result of the approval of spot Ethereum exchange-traded funds (ETFs).
In a recent analysis, cryptocurrency analyst Ali Martinez noted that the number of Ethereum addresses holding more than 10,000 ETH tokens has increased by 3% in the last three weeks. This growth indicates a significant increase in purchasing pressure.
At the time of writing, the price of Ethereum was quoted at US$3,675.33, showing a 0.4% decrease in the last 24 hours. The trading volume for Ethereum (ETH) in the last 24 hours was US$7,527,150,390, representing a 15.60% increase compared to the previous day, signaling a recent surge in market activity.
In terms of price analysis, Ethereum is currently facing resistance at $3,720 and $3,750 after a drop near $3,600. A close above $3,750 could lead to a move towards $3,850. On the downside, if ETH fails to break the $3,700 levels, it could drop to $3,350.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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