- Whales bought 340,000 ETH in the last 3 days worth more than $1 billion.
- ETH might have completed its correction as the Long Term Trend Directions is strongly bullish.
Ethereum’s ([ETH] whale activity contrasted with its price, showing significant buying during the downturn.
Over three days, whales acquired 340,000 ETH, valued over $1 billion, suggesting strategic bulk purchases during price dips.
This pattern against a backdrop of general crypto declines, sparked speculation about potential market rebound.
Source: Ali/X
The activity aligned with historical patterns where substantial buys often precede market recoveries. This hinted that ETH might soon experience a price increase if this trend holds true.
Is correction over amid long term trend directions?
Ethereum weekly chart indicated a potential completion of its correction.
The price successively retested the Tenkan and Kijun lines of the Ichimoku Kinko Hyo indicator, suggesting a stabilization.
Further signs of support were evident as ETH interacted with the Kumo Cloud’s Senkou Span A, seen as a preliminary resistance turned support.
Source: Titan of Crypto/X
Additionally, the lagging span retraced to its Tenkan line, reinforcing the resilience of current price levels. Despite these bullish signals, there remained caution with a possible retest of the Kumo Cloud’s Senkou Span B.
If Ethereum’s price approaches this line, it would likely signify a critical test of market sentiment and strength.
Again, the Long Term Trend Directions (LTTD) score the year could end at a strong bullish level of 0.82, suggesting a positive long-term outlook.
Despite a brief dip in mid-year, the LTTD returned to bullish territory.
Ethereum started a consistent climb, coinciding with the LTTD score maintaining above 0.5, indicating sustained buyer interest.
Source: X
The sharp decline in the LTTD score in July corresponded with a price drop, showing a short-term bearish phase.
However, the quick recovery in LTTD by October and a corresponding price rise suggested the correction phase ended, and ETH was resuming its long-term upward trend.
Spot ETH ETFs flow
However, Ethereum ETFs experienced notable outflows, with BlackRock’s ETHA seeing the largest ever, around $103.7 million, during a week marked by market declines.
In contrast, Bitcoin ETFs also witnessed their most significant outflow since inception, totaling around $671.9 million.
This reversal ended two consecutive weeks of inflows for both Bitcoin and Ethereum ETFs.
Source: SpotOnChain
Notably, despite the outflows, BlackRock accumulated substantial positions, adding 13.7K BTC valued at $1.45 billion and 33.9K ETH worth $143.7 million.
These movements indicated significant shifts in ETF dynamics, reflecting broader market sentiments and potentially setting the stage for future trends in cryptocurrency investments.
