Ethereum Whales Go on Buying Spree: A Silver Lining in the Dip? 🤔

by

ETH
$2 717

24h volatility:
3.6%

Market cap:
$327.41 B

Vol. 24h:
$15.41 B

Ethereum, the second-largest digital asset, is being scooped up by the whales as the price takes a tumble. With a 18% dip last month, ETH hit a low of $2,159.28 but has since rallied to $2,713.20.

Crypto analyst Ali Martinez tweeted that whales have bought a jaw-dropping 430K Ethereum, worth $1.1 billion, in just 72 hours. It seems these big players are betting on a major surge for ETH!

Ethereum Foundation Unveils Open Intents Framework

Ethereum is up 3.86% in the past 24 hours, reaching a daily high of $2,735.92. Following the Ethereum Foundation’s announcement of the “Open Intents Framework,” the digital asset’s price surged. The Foundation expects interoperability across chains to skyrocket with this new framework.

The Open Intents Framework will provide a modular infrastructure for seamless asset transfers between Ethereum and its Layer 2 solutions. Developers can now select and integrate components tailored to their needs, with over 30 teams contributing to this initiative. The framework is backed by Layer 2s, wallets, and infrastructure providers.

The Ethereum Foundation acknowledged that the cross-chain ecosystem has been fragmented, with different solutions operating independently. The Open Intents Framework aims to unify these efforts, making asset movement between chains smoother and more efficient.

ETH Price Analysis

With significant developments underway, the Ethereum price chart by TradingView below shows the digital asset targeting a retest of the 20-day Exponential Moving Average (EMA) at the $2789 price level. Flipping this resistance into support is crucial for further upside.

Source: TradingView

On the downside, the Bollinger Bands indicate that ETH is experiencing low volatility, with the price lingering near the middle band. Meanwhile, the Relative Strength Index (RSI) at 42.31 suggests that ETH is in a neutral-to-bearish territory, leaving room for a bullish rebound.

Read More

2025-02-19 23:54