Can $4 Billion Ethereum Buying Undo First Death Cross In 9 Months?
Despite Ethereum falling below $3,000 and forming a Death Cross, investors bought nearly $4 billion worth of ETH, signaling bullish short-term confidence.Summary
Ethereum's price dropped below the $3,000 psychological barrier, coinciding with the formation of its first Death Cross in nine months, a bearish technical signal that historically suggests consolidation or decline.
However, this dip triggered significant accumulation, evidenced by a massive outflow of 1.41 million ETH from exchanges, equating to approximately $4 billion in buying pressure. This large-scale movement suggests investors view the price drop as an accumulation opportunity rather than a sign of pessimism.
Currently trading around $3,035, Ethereum faces volatility; a decisive reclaim of $3,000 could lead to gains toward $3,287, while failure to hold support levels like $2,814 or $2,681 could invalidate the immediate bullish outlook.
(Source：BeInCrypto)