Ethereum Whales Accumulate ETH Amid Price Dips and SEC's ETF Delays

By: Isha Das

Significant Ethereum holders, often known as 'whales', accumulated an estimated 100,000 ETH valued at $230 million last week, displaying their confidence in Ethereum's long-term potential despite price dips. According to data from CryptoQyant, the Relative Strength Index (RSI) and stochastic are presently neutral, reflecting market uncertainty.

Meanwhile, the Securities and Exchange Commission (SEC) has delayed its decision on several Ether (ETH) exchange-traded funds (ETFs) to May 2024. The Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF are among the ETFs whose decisions have been postponed.

Ethereum price trends show a recovery from the $2,120 support zone, with the price trading above $2,200. However, potential hurdles remain. If Ethereum fails to break the $2,250 resistance, it could face another dip. The recent whale accumulation—usually an indicator of looming price rallies—along with the SEC's decision delay and technical analyses, points to a complex trajectory for Ethereum's price.

Despite the tough market conditions, Ethereum's value has seen an 81% increase year-to-date, testifying to its overall resilience.