Over the past three days, a prominent Ethereum whale, suspected to be linked to hedge fund Abraxas Capital Management, has accumulated a hefty 19,772 ETH, valued at approximately $49.62 million.
Since mid-September, this address (0xb9…bcf5) has withdrawn a staggering 54,272 ETH, or roughly $137 million, from exchanges Binance and Bybit, signaling an aggressive accumulation phase that could impact market sentiment.
In the broader market, the altcoin sector’s market cap, which includes Ethereum ($TOTAL2), is testing a critical downtrend resistance level while approaching the psychologically significant $1 trillion mark. A successful break above this threshold could spark broader market momentum for altcoins, including Ethereum.
For Ethereum itself, the $2,400 support level remains essential. The strongest buying pressure since last September has emerged on the Binance futures market, seen not only in Bitcoin but also in Ethereum, pointing to renewed optimism among leveraged traders.
Furthermore, the TD Sequential indicator, which recently flashed a buy signal on Ethereum’s 4-hour chart, suggests potential upward momentum if Ethereum can stay above $2,480, reinforcing bullish market sentiment for ETH holders.
Ethereum spot ETFs also recorded substantial activity, with a net inflow of $13.06 million on October 31st. This capital influx into Ethereum-backed investment products indicates growing institutional interest, potentially providing further support for the cryptocurrency.
Overall, recent whale accumulation, key technical support levels, and robust futures activity suggest Ethereum may be primed for an upward move.
However, it will be crucial to monitor whether ETH can hold above these support zones in the coming days, as well as any shifts in broader altcoin market cap that could indicate a trend reversal.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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