- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90+0.13%
- INTEREST37.00%-1.00
- BITCOIN82,230-1.72%
- October 13, 202618°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90+0.13%
- INTEREST37.00%-1.00
- BITCOIN82,230-1.72%
- October 13, 202618°
$55.8 Million Ethereum Purchase Boosts Recovery Expectations
A major investor known as EthereumOG bought approximately 35,723 ETH worth $55.8 million over the past two days. This transaction has reignited hopes of a market recovery as Ethereum's price hovers near recent lows.
While Ethereum's price has recently maintained a weak outlook, a large purchase by a major investor has once again drawn attention to this asset in the crypto market.
According to blockchain data, the investor known as EthereumOG, who has held Ethereum for a long time, bought 35,723 ETH at an average price of around $1,563 over the past two days. The total size of this transaction is estimated at approximately $55.8 million.
About a week ago, the same investor took a different position. At that time, they sold 60,000 ETH near the $2,040 level and 9,442 wstETH worth about $24 million.
These buying and selling moves are interpreted as a repositioning effort following a drop of more than 20% in Ethereum's price. On the market side, this step is seen as a signal that some large investors find the current levels more attractive.
Technical Pressure Continues
Despite the large-scale purchase, technical pressure on Ethereum persists. On daily charts, ETH continues to trade below its 50-day, 100-day, and 200-day moving averages.
After breaking the downward consolidation pattern formed in April and May, the price sharply declined to around $1,500. The recent drop is also reflected in technical indicators.
Ethereum's Relative Strength Index fell below 20, entering the oversold zone before showing any signs of recovery. Analysts emphasize that similar levels have occasionally preceded rebound rallies in the past but caution that this alone does not guarantee a sustained turnaround.
Critical Levels Watched in the Market
The investor's renewed buying and oversold signals have refocused attention on Ethereum's short-term outlook. For a strong recovery to materialize, the price needs to break through critical resistance levels near short-term moving averages.
The recent $55.8 million purchase has strengthened expectations that some major players see current Ethereum prices as an opportunity following the recent decline. If buying demand continues, the possibility of a stronger short-term recovery remains alive in the market.
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