In a significant market development, Ethereum (ETH), the second-largest cryptocurrency, achieved a milestone in inflows not seen since March, as confidence in the token from whales continues to grow.
Data released by cryptocurrency analytics platform IntoTheBlock on June 1 revealed that large Ethereum holders accumulated 267 ETH tokens on June 6, marking the largest daily influx by whales since March.
On Thursday, major ETH holders acquired 267k $ETH, marking the highest daily accumulation since March. Ethereum also saw a notable performance last week with its best inflow week since March, according to the latest report from CoinShares released on June 10. The second-largest cryptocurrency in the market witnessed inflows of $69 million, indicating a positive response to the approval of spot Ethereum exchange-traded funds (ETFs).
Renowned cryptocurrency analyst Ali Martinez noted in a recent analysis that the number of Ethereum addresses holding more than 10,000 ETH tokens has increased by 3% in the last three weeks. This growth suggests a significant rise in buying pressure.
At the time of writing, the price of Ethereum was quoted at $3,675.33, down 0.4% in the last 24 hours. Ethereum (ETH) trading volume stands at $7,527,150,390 in the last 24 hours, representing a 15.60% increase compared to the previous day, signaling recent market activity.
Ethereum Price Analysis
After a drop near $3,600, Ethereum is encountering resistance at $3,720 and $3,750. A close above $3,750 could enhance the chances of a move to $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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