Ethereum Whales Inject $900 Million Despite Bearish Crossover Risks — But Why?
Ethereum whales bought $900 million in ETH despite bearish EMA crossovers, likely due to a hidden bullish divergence suggesting an uptrend continuation.Summary
Ethereum (ETH) is trading near $3,445, showing a slight weekly gain but facing significant bearish technical risks, specifically the 50-day EMA nearing a cross below the 100-day EMA, which historically preceded sharp drops.
Despite these looming bearish Exponential Moving Average (EMA) crossovers, Ethereum whales have increased their holdings by approximately 260,000 ETH, valued at about $900 million, between November 10th and 12th. This accumulation suggests large holders view the current dip as a buying opportunity, anticipating a rebound.
This whale confidence may be supported by a hidden bullish divergence observed between June and November, where ETH's price made higher lows while the Relative Strength Index (RSI) made lower lows, hinting that the uptrend remains intact. Key support is identified at $3,333; holding this level could lead ETH toward $3,650 and $3,994, whereas a drop below $3,050 would confirm the bearish outlook.
(Source：BeInCrypto)